Time Warner Puts Up Takeover Hurdle By Changing Bylaws

Rupert Murdoch and Jeff Bewkes
Rupert Murdoch and Jeff Bewkes
 AP Images

Time Warner has changed its bylaws to prevent shareholders from calling special meetings, a move Wall Street interpreted as a way to thwart a takeover bid from 21st Century Fox.

Before the change in its bylaws, which were disclosed Monday in a regulatory filing, Time Warner allowed just 15 percent of its shareholders to call a meeting.

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Rupert Murdoch's 21st Century Fox has bid about $80 billion — about $85 a share — to acquire Time Warner, but Time Warner's board and CEO Jeffrey Bewkes have rejected the proposal.

Some analysts predict that 21st Century Fox will eventually offer $100 a share for Time Warner. The conglomerates stock has climbed 23 percent in the past week on such speculation, and Monday it closed at $87.36.

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