Time Warner trying to avoid takeover, alters bylaws

By Kyle Johnson,

Time Warner really doesn't want to be the easy victim of a Rupert Murdoch takeover as the media company revealed on Monday an alteration to their bylaws.

Murdoch and 21st Century Fox first offered $80 billion for the acquisition of Time Warner, which the other company quickly shot down last week. It was suggested that only $85 per share and the amount of cash versus stock wasn't good enough, but perhaps the company doesn't wish to be taken over?

Either way, Murdoch isn't about to simply go away after being rejected once.

Seems Time Warner is well aware and doesn't want to make it easy, deciding to instead make it more difficult for shareholders to call special meetings, Bloomberg reports.

It used to just take 15 percent of shareholders to call a special meeting, but now it will take a board majority or CEO to call one. The plan is to eventually change the rules back next year during an annual meeting.

Another possible move Murdoch can make is to convince shareholders to vote out those on the 12-member board of directors, though there are moves and further alterations that Time Warner could then try.

Neither a Fox spokesperson nor a Time Warner spokesperson was willing to comment on the bylaw change.

image via INFphoto.com



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