toggle

AAPL Stock: 114.64 ( -3.8 )

Printed from http://www.macnn.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Rupert Murdoch and 21st Century Fox has rescinded its offer for its consolidation deal for Time Warner.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 MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

Login Here

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

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

HP 14-x030nr 14-inch Chromebook

If you're like us, chances are you've come to realize that you need the ability to access the Internet on the go. Also, you've prob ...

15-inch MacBook Pro with Force Touch

Apple's 15-inch Retina MacBook Pro continues to be a popular notebook with professional users and prosumers looking for the ultimate ...

Typo keyboard for iPad

Following numerous legal shenanigans between Typo -- a company founded in part by Ryan Seacrest -- and the clear object of his physica ...

toggle

Most Commented