As Paramount was closing in on a deal to pry Warner Bros. Discovery away from Netflix, a surprise bid was lobbed in from a mysterious Singaporean firm offering $32.50 per share for the entertainment company.
The company Nobelis Capital, Pte. Ltd., was promising billions, and fast. But an investigation by WBD suggested that something was off.
“WBD’s legal and financial advisors conducted preliminary due diligence regarding Nobelis, including through professional contacts in Singapore, as well as an investment banker identified in the proposal, but were unable to verify that Nobelis owned or controlled any material assets, and could not find the purported deposit at J.P. Morgan,” the company wrote in its preliminary proxy filing Monday. “The investment banker advised counsel to WBD that he had no knowledge of Nobelis and had not been retained by them.”
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