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Time Warner adopts provision that makes hostile takeover tougher
Time Warner adopts provision that makes hostile takeover tougher

In a move designed to ward off a potential hostile takeover, Time Warner Inc. approved a provision that would make it difficult for dissident shareholders to force a vote on a sale or attempt a change in the board of directors. The change in the company bylaws, approved unanimously and disclosed in a Securities and Exchange Commission filing, eliminates the ability of shareholders to convene a special shareholder meeting. The next annual meeting of Time Warner shareholders will be in a year. The move, which is a common ploy for a company resisting a suitor, comes in the wake of 21st Century Fox's $80-billion offer for Time Warner. Although Time Warner's board of directors...

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