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Time Warner stock surges after rebuffed Fox offer
Time Warner stock surges after rebuffed Fox offer

Shares of Time Warner Inc. surged Wednesday after Rupert Murdoch's 21st Century Fox said it had tried to buy the company in a deal valued at $80 billion. Time Warner's board rejected the overture, but the offer drove Time Warner stock up 16% to $82.53 in early trading on the New York Stock Exchange. The stock was even higher earlier in the day, touching $84.40 a share. Fox's stock was lower Wednesday. The company's shares fell about 5.5% to $33.26.  A 21st Century Fox spokesman declined to comment on whether the company would continue to pursue Time Warner or any other big media acquisitions. But analysts think Murdoch will not be turned away so easily. ...

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