NEW YORK, June 30, 2016 - Baker Botts L.L.P., a leading international law firm, today announced that it has been advising its client, Starz (NASDAQ: STRZA, STRZB) on its sale to Lionsgate (NYSE: LGF) for a combination of cash and stock totaling $4.4 billion, creating a global content powerhouse positioned to capitalize on growth opportunities worldwide.
Under the terms of the agreement, each share of Lionsgate common stock will be reclassified into 0.5 voting and 0.5 newly created non-voting shares. Holders of each share of Starz Series A common stock will receive $18.00 in cash as well as 0.6784 of a share of Lionsgate non-voting stock based on a fixed exchange ratio. Based on Lionsgate’s 20-trading day volume weighted average price (“VWAP”), as of June 28, 2016, the offer represents a total value of $32.73 per share to Starz shareholders, an 18% premium to Starz’s 20-trading day VWAP as of the same date. Holders of each share of Starz Series B common stock will receive $7.26 in cash and 0.6321 of a share of Lionsgate voting stock and 0.6321 of a share of Lionsgate non-voting stock.
The agreement has been approved by the boards of directors of Lionsgate and Starz and will be submitted to their respective shareholders for approval as well as to regulatory authorities. The proposed creation of Lionsgate non-voting stock is also subject to shareholder approval. Closing is expected to occur by year-end.
Baker Botts lawyers acting on behalf of Starz includes:
Corporate: Renee Wilm (Partner, New York), Jonathan Gordon (Partner, New York), Buzz McGrath (Partner, New York), Courtney York (Partner, Dallas), Brittany Uthoff (Associate, New York), Justin Blass (Associate, New York), Andrew Ligon (Associate, New York), John Kaercher (Associate, Austin) and Rachel Ratcliffe (Associate, Austin).
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 14 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy and technology sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.