Time Warner Inc., shares were relatively stable Monday even as reports surfaced that 21st Century Fox is continuing its pursuit of the company, this time making it known that it would give up board seats in the combined company.
A report in Monday’s Wall Street Journal stated that Fox executives are prepared to offer an unspecified number of board seats to Time Warner in the combined company to alleviate any fears about corporate governance. Time Warner was unmoved because board seats aren’t why the company rejected Fox’s earlier bid for the company. Time Warner has said publicly that it believed that Fox’s $80 billion unsolicited offer was too low.
Time Warner shares were up slightly (60 cents each) on Monday to $85.58 in early trading but settled down in later trading. The stock closed at $85.24 each on July 28, up 25 cents each.