21st Century Fox to hold July 10 meeting for shareholders to vote on Disney deal
21st Century Fox Inc. said Wednesday it will hold a special meeting on July 10 to allow shareholders vote on its proposed $51.4 billion deal with The Walt Disney co. . Disney has agreed to buy Fox assets, including its film and TV studios and international pay-TV properties, but excluding the Fox News channel, Fox Business Network, Fox Broadcasting Co. and certain other assets. Fox said its board is recommending that shareholders vote in favor of the proposed deal. However, it also said it is aware of the recent press release from cable giant Comcast Corp. , stating that it is considering and in advanced stages of preparing a superior bid for the same assets. “Under the Disney Merger Agreement, if any event occurs that 21CF determines, after consultation with outside legal counsel, is reasonably likely to require under applicable law the filing or mailing of any supplemental or amended disclosure, 21CF may postpone or adjourn the special meeting of its stockholders to allow reasonable additional time for the filing, mailing, dissemination and review by its stockholders of any such disclosure prior to the special meeting,” the company said in a statement. Fox shares were not active premarket, but have gained 43% in the last 12 months, while the S&P 500 has gained 14%.
Source : MTV
