21st Century Fox is ready to improve its offer for Time Warner. In particular, according to last-minute rumors, the giant born group born from the spin-off of News Corp's film and entertainment activities is willing to offer Time Warner shareholders a representative seat on the board as part of the attempt to acquire the operator media outlet known for CNN and Warner Bros.
According to a source close to the dossier, 21st Century Fox, which was rejected earlier this month in an offer of cash and shares worth about 80 billion dollars, believes that guaranteeing Time Warner shareholders a say in the board of directors of the new company would make the operation more attractive even if at the moment it is not clear how many places would be offered.
The family of 21st Century Fox chairman Rupert Murdoch has effective control of the company with 39% of the voting rights. The first bid for Time Warner was reportedly rejected because the stock leg involved an exchange for non-voting stock and an unsatisfactory cash price. Time Warner's fear is that its shareholders have little or no say in the management of the new company despite holding about 40% of the capital.
