The 83-year-old 21st Century Fox (FOXA) CEO made an $80 billion bid for the media and entertainment company. Time Warner confirmed on Wednesday that it rejected Rupert Murdoch’s cash and stocks offer, saying that the sale was not in the company’s best interest.
21st Century Fox supposedly offered 1.531 of its Class A non-voting common shares and $32.42 in cash for every Time Warner share, according to a statement by Time Warner.
You can read the full statement here which also claims that the company’s “industry-leading businesses including its portfolio of networks and its film studio and television production business is only going to increase.”
TWX stock is up close to 17% Wednesday afternoon. FOXA stock is down about 4.4%.
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