Time Warner is changing the rules to try and keep Rupert Murdoch from buying the company.
FTVLive told you last week that TW knocked back a $80 billion offer from Murdoch and now TW has changed its bylaws in a move designed to block a potential hostile takeover.
The Financial Times reports that Under the new bylaws, Time Warner’s board led by Jeff Bewkes can be called to a special meeting by shareholders owning 15 per cent. The amendment removes shareholders’ ability to combine their holdings to reach the 15 per cent threshold to call such a meeting.
Stay tuned as to how Murdoch will respond.