The Traderszone Network

Published in TZ Latest News 5 August, 2014 by The TZ Newswire Staff

Twenty-First Century Fox withdraws bid for Time Warner

Murdoch, who is Fox’s chairman and CEO, cited Time Warner’s management and its board’s refusal to engage with Fox as one reason for the stunning turn-about. Murdoch also cited the reaction of Fox’s share price since the proposal undervalues its shares and “makes the transaction unattractive to Fox shareholders.” A Time Warner spokesman did not immediately return a request for comment. Shares of Fox were up 10.4 percent in after-market trade after closing at $31.30, while shares of Time Warner were down 10.7 percent after closing at $85.19.