Business Services Industry
News Corp poison pill deal gets nod.
Australasian Business Intelligence, May, 2006
Byline: Robert Guy
May 24, 2006 (The Australian Financial Review - ABIX via COMTEX) -- Efforts by Liberty Media to derail New Corporation's settlement over its "poison pill" provision have failed. In May 2006, the Delaware Chancery court approved a News settlement with shareholders. The terms of the deal specify that News will allow stockholders to vote on a two-year extension of the poison pill provision at the group's October AGM. However, the media conglomerate must resubmit legal documents on the matter in "plain, clear language" before final approval is granted. Lawyers for Liberty Media, which holds a 17 per cent stake in News, had complained that News had achieved an "extensively broad release".
Publication Date: 25 May 2006
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