Time Warner Reinstates Policy Allowing Minority of Shareholders to Call Meetings
The rule had been rescinded when 21st Century Fox was making a play for its rival.
Time Warner will once again allow shareholders to call special meetings, a provision the board of directors had rescinded in July when it worried that Rupert Murdoch might have gone around management in his bid to merge the conglomerate with his 21st Century Fox.
When Time Warner changed its rules in July, it did so to negate the possibility that shareholders representing just 15 percent of the outstanding stock could require a meeting that could result in the election of new directors who, presumably, would have been more inclined to sell the company to 21st Century Fox, which had already offered to acquire it for $80 billion.
At the time, Time Warner had indicated it would reinstate the rule in 2015. The company disclosed the change in a regulatory filing on Tuesday.
Time Warner was also courted last year by CBS, according to a Bloomberg article Tuesday, though Time Warner CEO Jeff Bewkes was less interested in merging than was CBS CEO Les Moonves, who said at a conference March 2 that any company wishing to acquire CBS would have to pay "a very high price."