Murdoch's Fox Withdraws $75 Billion Time Warner Takeover Offer

Image: Murdoch's Fox Withdraws $75 Billion Time Warner Takeover Offer (Adrees Latif/Reuters/Landov)

Tuesday, 05 Aug 2014 04:30 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Rupert Murdoch’s 21st Century Fox Inc. withdrew its $75 billion takeover offer for Time Warner Inc., the owner of HBO and Warner Bros.

Murdoch, the chairman and founder 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. These factors, coupled with our commitment to be both disciplined in our approach to the combination and focused on delivering value for the Fox shareholders, has led us to withdraw our offer.”

Shares of Fox rose 8.6 percent to $34 at 4:12 p.m. New York time in late trading. Time Warner dropped 10 percent to $76.64 in late trading.

Keith Cocozza, a spokesman for Time Warner, didn’t immediately respond to a phone call or e-mail seeking comment.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Senators Ask Govt for Nationwide Air-Bag Recall

Thursday, 23 Oct 2014 11:36 AM

Two U.S. senators are calling on U.S. auto safety regulators to immediately issue a nationwide recall for cars with faul . . .

GOP Makes Plans for Possible Takeover of Senate

Thursday, 23 Oct 2014 11:15 AM

Beyond measuring drapes for their new offices, Republican members of Congress are looking ahead to the possibility they  . . .

Rep. Peter King: Forget PC 'Morons,' Call Terrorists What They Are

Thursday, 23 Oct 2014 11:12 AM

It’s time for political correctness to take a backseat to acknowledging that Islamic terrorists are on a mission to comm . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved