Twenty-First Century Fox announced that it will soon host a “special meeting” of stockholders to decide the fate of the previously announced merger agreement with The Walt Disney Company.
Fox released a statement on Wednesday in which it set the meeting date for July 10, going on to recommend “that stockholders vote in favor of the proposal to adopt the Disney Merger Agreement and the other proposals to be voted on at the special meeting.”
The company also made it clear in the statement that it was aware of Comcast Corporation’s May 23 press release, in which Comcast expressed its intent to make an offer for the same businesses that Fox has planned to sell to Disney. In the case of Comcast making an offer, the company promises to postpone or adjourn the upcoming meeting in order to allow stockholders to review the disclosure.
The bidding war between Comcast and Disney heated up earlier this month, when Comcast announced in its statement that “Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney.” The Fox-Disney deal is valued at approximately $52 billion.