21st Century Fox Withdraws TW Bid

Rupert Murdoch withdrew his bid to buy Time Warner Inc. on Tuesday, citing the company's refusal to engage in negotiations about an acquisition.

"We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands," Murdoch, the chairman and CEO of 21st Century Fox, said in a statement. "Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly."

"However, Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling," Murdoch said. "Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders. These factors, coupled with our commitment to be both disciplined in our approach to the combination and focused on delivering value for the Fox shareholders, has led us to withdraw our offer."

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