In a move designed to ward off a potential hostile takeover,
The change in the company bylaws, approved unanimously and disclosed in a
The move, which is a common ploy for a company resisting a suitor, comes in the wake of
Previously, only 15% of the company's shareholders were needed to call for a special meeting. Now, special meetings can only be called by the chairman and chief executive or a majority of non-employee directors.
Time Warner has made clear that it does not want to sell to media mogul
Besides buying Time Warner Chief Executive Jeff Bewkes time to prove that his vision for the company is the right one, the provision could also give time for a rival buyer more to Time Warner's liking to emerge. It will also give shareholders more time to evaluate 21st Century Fox's offer and its strategy.