Tuesday , 23 April 2019
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Time Warner rejects 20th Century Fox takeover bid

Time Warner announced that it rejected an unsolicited takeover offer from 21st Century Fox. The latter offered 1.531 of its own Class A non-voting shares and USD 32.42 in cash for each Time Warner share. Time Warner concluded that this did not provide sufficient value for shareholders. 

It decided not to enter into negotiations with 21st Century Fox, as the board expects that Fox will not be able to offer a significantly better bid. In addition to preferring its own strategy, Time Warner questioned the value of Fox’s shares, recently created from the break-up of News Corp, and Fox’s ability to lead the bigger company created from a merger with Time Warner. 

Fox confirmed it made the offer last month. It said the companies are no longer in talks. 

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