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Time Warner investors holding out for improved Rupert Murdoch offer
Time Warner’s shares rose 3.6 per cent yesterday following news on Wednesday that Rupert Murdoch’s 21st Century Fox had made an unsuccessful $80bn offer for the firm last month.
Murdoch might have to raise his $85-a-share bid to as much as $95 a share and boost its cash component to wrap up a takeover of Time Warner, owner of Warner Bros film studio and premium TV channel HBO, investors said yesterday.
Time Warner on Wednesday said it had rejected 21st Century Fox’s unsolicited offer, of which 60 per cent would be 21st Century Fox stock and 40 per cent cash, a far-reaching proposal that would reshape the media landscape.
Time Warner’s shares closed up at $86.12 and 21st Century Fox’s shares fell 0.7 per cent to close down at $32.77 yesterday.