News Corp. Is Ordered to Revise Settlement
A judge ordered News Corp., the media company controlled by billionaire Rupert Murdoch, to revise the settlement of a shareholder lawsuit over its “poison pill” takeover defense.
Delaware Chancery Court Judge William B. Chandler III said he would approve the accord after lawyers clarified a section that limits investor lawsuits against News Corp.
Liberty Media Corp., which owns 18% of News Corp., had objected that the wording was too broad.
Investors sued New York-based News Corp. last year, saying directors broke a promise not to extend the poison pill without a vote when they switched incorporation to Delaware from Australia in 2004.
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