Rupert Murdoch looks to have been canny in his $80 billion takeover approach to Time Warner Inc, cornering the media giant at a time when potential "white knight" bidders are busy absorbing their own large deals.The absence of potential counter-bidders leaves Time Warner's investors with a dilemma. They can either engage with Murdoch's Twenty-First Century Fox Inc to negotiate a higher price, or play for time and wait until there are more possible buyers available.Time Warner, owner of many highly-prized assets from HBO to Warner Bros, has rejected Fox's initial cash-and-stock proposal of $85 per share. An eventual deal would transform the U.S. media landscape and cement Murdoch's status as the most powerful magnate in U.S. media and entertainment.When Time Warner's board rebuffed the approach it indicated it believes now is the wrong time to sell because the environment isn't conducive to getting the best price, people familiar with Time Warner's thinking said on Wednesday. That is mainly because a range of major media, telecom and technology companies are for various reasons not in a position to make a rival offer.
Twenty-First Century Fox, Inc., formerly News Corporation, is a diversified global media and entertainment company with operations in cable network programming; television; filmed entertainment; direct broadcast satellite television, and other, corporate and eliminations. Shares of FOXA traded higher by 0.73% or $0.24/share to $33.01. In the past year, the shares have traded as low as $29.42 and as high as $36.43. On average, 13034500 shares of FOXA exchange hands on a given day and today's volume is recorded at 29426388.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 1.29% or $1.11/share to $87.23. In the past year, the shares have traded as low as $57.59 and as high as $87.14. On average, 6967120 shares of TWX exchange hands on a given day and today's volume is recorded at 17431064.
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