NEW YORK CITY (dpa-AFX) - The Board of Time Warner Inc. (TWX) Monday altered its bylaws and removed the provision for shareholders to call a special meeting, a move made to block further takeover attempts from Rupert Murdoch's 21st Century Fox Inc. (FOX, FOXA).
The amendment removed provisions regarding stockholders' ability to cause the board to call a special meeting of stockholders; the board, however, said it plans to to reinstate the special meeting provisions at its 2015 annual meeting.
Last week, Time Warner said it rejected a takeover bid from 21st Century Fox, saying that the proposal was not in the best interests of the company or its stockholders.
Reports earlier stated that 21st Century Fox made an $80 billion takeover bid for Time Warner, but was rebuffed. Fox reportedly made an approach in early June and followed it up later with a formal bid worth $85 in stock and cash for each Time Warner share.
The offer, which comprised about 60 percent in stock and 40 percent in cash, reportedly amounted to a nearly 25 percent premium to Time Warner's stock price at that time.
TWX closed Monday's trading at $87.36, up $0.13 or 0.15%, on the NYSE. The stock, however, dropped $0.64 or 0.73% in after-hours trade.
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