Time Warner has rejected a takeover bid of $80 billion from Twenty-First Century Fox and says it has no interest in further discussions with Rupert Murdoch’s media entertainment giant.
The New York company said Wednesday that Twenty-First Century Fox Inc. offered last month a combination of its stock and $32.42 in cash for each Time Warner share.
Time Warner’s board rejected the bid after consulting with financial and legal advisers and determining that its strategic plan “will create significantly more value for the [company] and its stockholders and is superior to any proposal that Twenty-First Century Fox is in a position to offer,” the company said.
The New York Times reported that the bid totaled $85 per share or $80 billion.
Read tomorrow's Arkansas Democrat-Gazette for full details.