• Fox withdraws Time Warner takeover bid
    3 replies, posted
[url]http://www.bbc.co.uk/news/business-28668539[/url] [quote]Rupert Murdoch's 21st Century Fox has withdrawn its bid to purchase US entertainment giant Time Warner for an estimated $80bn (£47bn). Time Warner rejected Fox's initial offer in July. The company wrote in a statement that Time Warner had "refused to engage with us to explore an offer which was highly compelling". It added that the reaction in the company's share price since the proposal was unveiled undervalued Fox. Fox's share price has declined by 11% since news of the takeover was revealed. Meanwhile shares in Time Warner plunged more than 11% in after-hours trading after the surprise news of the withdrawal was announced.[/quote]
So bother the decision to go ahead, then withdraw caused an almost identical drop in share price for both company's... How bizarre.
[quote]The company wrote in a statement that Time Warner had "refused to engage with us to explore an offer which was highly compelling"[/quote] Highly compelling to who?
Rupert Murdoch.
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