Time Warner Rebuffs Bid From 21st Century Fox - Quick Facts

(RTTNews) - Media and entertainment giant Time Warner Inc. (TWX) confirmed rejecting Twenty-First Century Fox's (FOXA, FOX) proposal to acquire all of the company's outstanding shares for a combination of 1.531 of Twenty-First Century Fox Class A non-voting common shares and $32.42 in cash per share.

Following consultation with its financial and legal advisors, the Time Warner board determined that it was not in the best interests of the company or its stockholders to accept the offer or to pursue any talks with Fox. The board still believes that continuing to execute its strategic plan would create significantly more value for the firm and its stockholders and is superior to any proposal that Twenty-First Century Fox is in a position to offer.

Time Warner's Board also noted the consistent track record of Time Warner's proven management team in achieving superior returns and completing a series of transactions to unlock value in related businesses, including the separation of AOL, Time Warner Cable, and Time Inc.

Citigroup Global Markets Inc. is acting as financial advisor to Time Warner. Cravath, Swaine & Moore LLP is acting as legal advisor to Time Warner.