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.