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News Corp. Raises Bid for Fox Entertainment Group Shares

Mar 4, 2005  •  Post A Comment

News Corp. raised its bid Thursday for the shares it doesn’t already own in Fox Entertainment Group by 7.4 percent to $6.2 billion.

Under terms of the new offer, Fox class A common stock holders will receive 2.04 shares of News Corp. class A stock. The previous offer gave Fox shareholders 1.9 News Corp. shares.

The higher bid followed discussions with a special committee of the Fox board of directors, News Corp. said. The company said it has been informed that the special committee will recommend that Fox shareholders accept the new offer.