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Article: Poison vote at News Corp.(The News Corporation Ltd.)
- Article from:
- Daily Variety
- Article date:
- April 7, 2006
- Author:
CopyrightCOPYRIGHT 2006 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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News Corp. has agreed to put its anti-takeover poison pill defense to shareholder vote, backing down from an earlier stance and settling a lawsuit that was set to go to trial later this month in Delaware Chancery Court.
News Corp.'s board adopted the measure in 2004 to fend off a potential bear hug by John Malone. The Liberty Media chief had surprised Rupert Murdoch by acquiring an uncomfortably large chunk of News Corp. voting stock.
Australian and European investors claimed in the suit that News Corp. had promised to let shareholders vote on whether to keep the poison pill in place. They said News Corp. made the pledge as it sought their support for a ...