Huh:
Time Warner Inc. (NYSE:TWX) today confirmed that it rejected a proposal from Twenty-First Century Fox (NASDAQ:FOXA) to acquire all of the outstanding shares of the Company for a combination of 1.531 of Twenty-First Century Fox Class A non-voting common shares and $32.42 in cash per share (the ” Proposal”).
The Time Warner Board, after consultation with its financial and legal advisors, determined that it was not in the best interests of Time Warner or its stockholders to accept the Proposal or to pursue any discussions with Twenty-First Century Fox. The Board is confident 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.
What did Fox see worth buying in T-W — its cable business?
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