Deals
Time Warner Moves to Thwart Fox Bid by Changing Bylaws
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Time Warner Inc.’s board took its first concrete step to fend off Rupert Murdoch’s unwanted takeover offer by eliminating a provision in its bylaws that let shareholders call special meetings.
The amendment by Time Warner’s board removes a method investors could have used to pressure the company to sell. Time Warner rejected an unsolicited takeover offer of about $75 billion from Murdoch’s 21st Century Fox Inc. earlier this month.