Twenty-Century Fox Inc. (FOXA) in recent weeks made an $80
billion takeover bid for Time Warner Inc. (TWX) but was rejected,
The New York Times' Andrew Ross Sorkin reported Wednesday, citing
people briefed on the matter.
Fox president Chase Carey approached Time Warner chief executive
Jeff Bewkes in early June, these people said, and later that month
Fox made a formal proposal for $85 in stock and cash for each Time
Warner share.
As part of Fox's proposal to purchase Time Warner, Fox indicated
that it would divest CNN over antitrust concerns, the people
said.
Time Warner's board discussed the offer at length, the people
briefed on the matter said, and in early July sent a letter
rejecting the offer.
Representatives for Fox and Time Warner couldn't immediately be
reached for comment, the Times said.
Full story at
http://dealbook.nytimes.com/2014/07/16/rupert-murdoch-said-to-have-made-offer-for-time-warner/
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