A majority of 21st Century Fox shareholders have voted for cash rather than shares in an enlarged Disney ahead of the planned merger of the latter and Fox’s entertainment assets.
Fox shareholders had until 17:00 Eastern US time on Thursday to elect whether to receive cash or shares. According to Fox, holders of 51.57% of outstanding common stock have opted for cash, with 36.65% voting for shares and 11.79% failing to make a choice.
The allocation of the consideration in the acquisition will be calculated using formulas set out in the merger agreement. According to Fox, based on the preliminary election results and the procedures set out in the agreement, holders of Fox shares that elected to receive cash are expected to receive a portion of their consideration in shares of New Disney common stock.
Fox shareholders are allowed to receive about US$38 per share in either cash or New Disney shares. Overall, Fox shareholders will receive 50% cash and 50% shares. The Murdoch family own about 17% of Fox’s shares.
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21st November 2019