WWE had many possible suitors for sale of the company

May 13, 2023 - by James Walsh

Friday’s new SEC filing relating to WWE’s sale to Endeavor notes that the company was in contact with over 60 “potential counterparties” in regard to the sale. As reported, the company filed with SEC today in relation to the Endeavor acquisition, and Fightful notes that the filing revealed the number of parties that communicated with WWE about a sale.

The statement, which you can see in full below, lists the parties as “including strategic companies, financial sponsors, family offices and sovereign wealth funds.” Endeavor and WWE announced the sale on April 3rd, the day after WrestleMania 39.

Beginning on January 17, 2023 and continuing until April 2, 2023, when WWE executed the transaction agreement, WWE’s financial advisors, acting on its behalf, contacted and were contacted by over 60 potential counterparties, including strategic companies, financial sponsors, family offices and sovereign wealth funds. Between February 6 and March 21, 2023, WWE entered into confidentiality agreements with 20 potential counterparties. All but one of the confidentiality agreements entered into by WWE in connection with this process included a standstill provision for the benefit of WWE with a customary exclusion permitting parties to make proposals to WWE privately and confidentially, and each of the standstill provisions had a duration of at least 12 months. All confidentiality agreements entered into with standstill provisions included the customary exclusion for private proposals and a “fallaway” provision that would allow the counterparty to make a proposal to acquire WWE in the event WWE entered into a definitive sale agreement. Each potential counterparty that had indicated interest in exploring a strategic transaction with WWE was provided an opportunity to enter into a confidentiality agreement with WWE.

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