Tuesday, September 21, 2021

TIME WARNER BOARD SEEKS TO THWART MURDOCH BID

July 22, 2014 by · Leave a Comment 

In what was regarded as a maneuver to prevent Rupert Murdoch from going directly to shareholders in his quest to take over Time Warner, the company’s board of directors has changed its bylaws that let shareholders call special meetings. But in an interview on Bloomberg Television today (Tuesday), Gamco Investors analyst Chris Majangi said that the move, reportedly instigated by Time Warner chairman and CEO Jeff Bewkes, "has a chance of backfiring, of annoying shareholders." They could become especially annoyed if, as expected, Murdoch sweetens his offer. Some analysts are forecasting that he could raise it to as much as $100 a share from his previous offer of $85.