Murdoch’s Fox Withdraws Time Warner Takeover Offer Rupert Murdoch’s 21st Century Fox Inc. withdrew its unsolicited takeover offer of $75 billion for Time Warner Inc. (TWX), giving up after the attempt to reshape the media industry sent Fox shares tumbling. Murdoch, the billionaire chairman of Fox, said he’s backing down after Time Warner’s board refused to engage in talks and Fox’s stock price declined 11 percent since the offer became public. Fox instead authorized a $6 billion repurchase of its Class A shares. “Time Warner management and its board refused to engage with us to explore an offer which was highly compelling,” Murdoch, 83, said in a statement today. “Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders.” Time Warner, led by Chief Executive Officer Jeff Bewkes, rejected Murdoch’s June offer of $85 a share in cash and stock as too low and said the media company’s growth plan will create more value than any proposal Fox “is in a position to offer.” As its shares tumbled, Fox determined that it couldn’t bump the bid high enough to interest Time Warner’s board and management, according to people familiar with the matter who asked [...] ilinnews/murdochs-fox-withdraws-time-warner-takeover-offer/
Posted on: Wed, 06 Aug 2014 03:31:01 +0000
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