Both sides agreed that the initial transaction would unwind just before the deal closes for a second time as this would enable the sellers to offer 100% of Delta Topco at that time.
ATKINSON BAKER DATE CALCULATOR FULL
Both sides discuss the equity and enterprise values over the coming days.ġ5 July 2016: CVC sends Liberty details of a new structure for the deal under which it would initially buy around 20% of F1 for cash followed by a full takeover of 100% when the deal closes for a second time.ġ9 July 2016: CVC, Liberty and their advisers meet in London to discuss how the new transaction would work. Liberty’s due diligence is ongoing.Ħ July 2016: Liberty, CVC and F1 sign a confidentiality deed to replace the prior agreement from November 2013.ġ1 July 2016: Liberty suggests an $8 billion enterprise value for F1 which would be paid in shares, exchangeable loan notes and $1 billion to $2 billion in cash. June 2016: Liberty senior management discuss the revised terms and sends them to Freshfields and Weil, Gotshal & Manges – the law firms working for F1 and its shareholders.Ĩ June 2016: Discussions between Liberty and Delta Topco shareholders focus on covenants and warranties. The terms include the buyer offering $2 billion of cash. : CVC sends revised terms to Liberty and Baker Botts. Liberty’s board expresses interest in the plans. : Liberty’s management meets the Liberty board at its office in Colorado to discuss deal structure and governance rights. : Both sides meet with certain legal advisers to discuss terms, structure and due diligence. Baker Botts also requests key information from CVC about the business of F1. : Liberty’s legal adviser Baker Botts sends a revised list of terms to CVC including the purchase of 100% of F1 in return for loan notes and between $1 billion and $2 billion in cash. They include appointing a director to the Liberty board and renaming the company as the Formula One Group once the deal clears. Enterprise value of between $7.5 billion and $8 billion for F1 is discussed.ħ April 2016: Liberty sends CVC a draft deal structure which states that a percentage of the amount offered for F1 would come in the form of shares in Liberty Media.ġ6 April 2016: CVC responds to Liberty with governance terms that F1’s shareholders would want. Also present is Goldman Sachs, the investment bank which advises F1 and its shareholders.ģ1 October 2015: Liberty signs Morgan Stanley to advise on the possible takeover and support the evaluation process.Įarly 2016: Liberty and CVC meet in New York to discuss possible terms and the structure of the deal. Late 2014: Liberty meet CVC at its London office to further discuss a possible deal.Įarly to late-2015: Discussions between CVC and Liberty continue.Ģ8 October 2015: Liberty and CVC meet to discuss the structure of a possible deal.
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