Read More Time Warner rejects $80B Fox offer
“We are not currently in any discussions with Time Warner,” Fox said in a statement.
Time Warner also confirmed that it rejected the offer in a Wednesday morning release. The proposal, Time Warner said in the statement, would have seen all of its outstanding shares exchanged for a combination of 21st Century Fox stock and $32.42 in cash per share.
The statement said the company’s board rejected the offer after determining that “continuing to execute its strategic plan will create significantly more value for the Company and its stockholders and is superior to any proposal that Twenty-First Century Fox is in a position to offer.”