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Fox's Merger Vote set for July

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  • Fox's Merger Vote set for July

    Fox has scheduled a vote for the proposed merger with Disney, at their Shareholders Meeting on July 10th.
    Fox intends to convene a July 10 investor meeting to vote on a $52.4 billion agreement to sell Fox assets like FX and the 20th Century Fox studio to Disney, Fox said Wednesday. The move sets in motion a potential showdown between the California entertainment titan and the Philadelphia cable giant...
    Comcast last week indicated it was preparing an offer for the Fox assets that would be “at least as favorable to Fox shareholders as the Disney offer.”....Comcast had tried to insert itself into the matter previously as Fox and Disney began talks, but was rejected. The new move was clearly aimed at shareholders and is designed to serve as a brake on investor appetites, signaling that an offer better than Disney’s could lie in the offing
    Under the terms of Disney’s proposed deal for Fox, the Murdoch family-controlled company would be on the hook to pay a breakup fee of $1.52 billion if Fox pulls out of the pact for any reason not related to a regulatory block of the transaction.

    Fox said its board of directors recommended stockholders vote in favor of the proposal to sell to Disney.
    Even if the vote goes in favor for Disney, they would still need to get approval from the FTC, to allow the merger. I expect a "dog fight" between these 2 companies soon.

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