Fox Sets Shareholder Meeting For Vote On Disney Merger

Fox Sets Shareholder Meeting For Vote On Disney Merger

21st Century Fox has convened a July 10 meeting for shareholders to vote on the proposed $52.4B sale to The Walt Disney Company. Fox said this morning that it has established date for a special meeting of its stockholders to, “among other things,” consider and vote on a proposal to adopt the merger agreement with Disney and certain of its subsidiaries. Fox’s board recommends that stockholders vote in favor of the proposal, the company said.

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Fox also acknowledged Comcast’s May 23 statement in which the NBCUniversal owner confirmed its plan to make a rich counter-offer for the Fox assets that Disney has proposed to acquire. Under the Disney Merger Agreement, Fox said in its statement today, “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.”

While Disney and Fox have agreed to a $52.4B deal, Comcast’s counter is believed to be in the $60B range.

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