Media mogul Rupert Murdoch withdrew his $80 billion ($85 per share) offer for US-based TimeWarner. The media mogul said the decision was the result of Time Warner's "refusal to deal".
However, Murdoch also admitted that his group's shares, an integral part of a cash and stock offer, have weakened excessively in the meantime: "The reaction in the price of our shares underestimates them and makes the operation unattractive for shareholders Fox".
The offer had dropped yesterday to 80 dollars per share and according to rumors Time Warner still intended to consider only offers above one hundred dollars. Fox, which will release its quarterly results today on the same day as Time Warner, also announced a six billion dollar buyback.
