Magazine article Screen International

Murdoch Puts Kibosh on TW Bid

Magazine article Screen International

Murdoch Puts Kibosh on TW Bid

Article excerpt

In a surprise development, 21st Century Fox has pulled out of its proposed acquisition of Time Warner.

Chairman and CEO Rupert Murdoch said in a statement that his recent, rejected $80bn bid had been "friendly", adding that he wanted to focus on delivering value for shareholders.

News of the withdrawal pushed Fox shares up by 8% after market trading and saw Time Warner stock drop 11.9%.

Murdoch had been expected to press for acquisition during an earnings call on Wednesday (6), but now that speculation has been consigned to history.

"We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands," Murdoch said in a statement.

"Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly. However, Time Warner management and its board refused to engage with us to explore an offer which was highly compelling.

"Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders. …

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