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Article: News Corp. starts buyback of Fox stock.(The News Corporation Ltd., Fox Entertainment Group Inc.)
- Article from:
- Daily Variety
- Article date:
- January 12, 2005
- Author:
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News Corp. on Monday launched a multibillion-dollar stock offer to buy back the shares it doesn't already own in Fox Entertainment, the subsid it spun off in 1998 to raise cash and offer investors a way to play the far-flung conglom's U.S. entertainment assets.
News Corp. execs valued the offer at $5.86 billion.
But some investors questioned the terms of the transaction and several shareholders filed a lawsuit in Delaware Chancery Court calling the offer "wholly inadequate." One Fox investor on a conference call Monday characterized the premium as "skinny."
Transaction would call for shareholders of Fox Class A common stock to receive 1.90 ...