In a major reversal, Rupert and Lachlan Murdoch decided that News Corp. and Fox Corp will no longer recombine. The mogul split the companies amid a scandal at one of his London tabloids. Many shareholders, including his son James, objected the merger.
The special committees that both companies formed to evaluate the possible combination have been dissolved. The move came after several shareholders objected to the deal.
A Murdoch trust owns about 40 percent of the voting stakes in both companies, which shared a governing structure until a scandal over Murdoch’s London tabloid journalists hacking into the voice mails of public figures prompted the family to split them apart a decade ago out of concern that government inquiries and civil suits could threaten their entire empire.
In November, Irenic Capital Management, an activist investor, sent a letter to News Corp.’s special committee objecting to the merger. T. Rowe Price, a major News Corp. shareholder,that the proposed recombination would depress the value of the company, which was already trading below what it was worth.
On Tuesday night, Irenic said it had reviewed a letter from the senior Murdoch notifying them about the withdrawal of the proposed combination. Adam Katz, co-founder of Irenic declared himself “encouraged” by the move.
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