Printed from http://www.electronista.com

Rupert Murdoch, 21st Century Fox retract Time Warner buyout offer

updated 04:58 pm EDT, Tue August 5, 2014

Consolidation deal dead in the water due to alleged non-response

Rupert Murdoch and 21st Century Fox has rescinded its offer for its consolidation deal for Time Warner. Murdoch himself took to the airwaves, blaming Time Warner for the breakdown. He said that "Time Warner management and its board refused to engage with us to explore an offer which was highly compelling."

An offer for $85 per share plus cash was allegedly made by Murdoch. The deal is offered a premium of $14 per share at the then-current share price. The deal did not include the seperate Time Warner Cable entity, which has existed as a separate company since 2009 and is embroiled in merger regulatory approval with Comcast. Time Warner itself does hold some stake in Internet sales to consumers, oscillating between fifth and seventh over the last few years in the ranks of the largest US providers of broadband.

"Additionally, the reaction in our share price since our proposal was made undervalues our stock, and makes the transaction unattractive to Fox shareholders," Murdoch added. The magnate is going to take advantage of the share price drop, and repurchase $6 billion in stock over the next year.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Plantronics Rig Surround 7.1 headset

Trying to capture the true soundscape of video games can be a daunting task. Looking to surround-sound home theater options, users hav ...

Kenu Airframe +

Simple, stylish and effective, the Kenu Aiframe + portable car mount is the latest addition to Kenu's lineup. Released earlier this ye ...

Adesso Compagno X Bluetooth keyboard

The shift from typing on physical keyboards to digital versions on smartphones and tablets hasn't been an easy for many consumers. Fro ...

Sponsor

toggle

Most Commented

 
toggle

Popular News