NEW YORK CITY (dpa-AFX) - Media and entertainment giant Time Warner Inc. (TWX) said in a regulatory filing Monday that its Board of Directors has adopted an amendment to Article II, Section 3 of the company's By-laws, which became effective immediately.
The amendment removed provisions regarding shareholders' ability to cause the board to call a special meeting of shareholders.
The company said its board plans to adopt an amendment to the company's By-laws to reinstate the special meeting provisions at the time of the company's 2015 Annual Meeting of Shareholders.
The move came five days after Time Warner confirmed that it has rejected an $80 billion takeover bid from Rupert Murdoch's 21st Century Fox, Inc. (FOX, FOXA). 21st Century Fox had offered to acquire all of Time Warner's outstanding shares for a combination of 1.531 of 21st Century Fox Class A non-voting common shares and $32.42 in cash per share.
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