Rupert Murdoch has decided that he doesn't want Time Warner after all.
The Australian media mogul released a statement Tuesday afternoon withdrawing 21st Century Fox's $80 billion takeover bid for Time Warner, which had rejected his original bid:
We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands. Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly. However, Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling. Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders. These factors, coupled with our commitment to be both disciplined in our approach to the combination and focused on delivering value for the Fox shareholders, has led us to withdraw our offer. Read more...
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