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News Corp (ASX:NWS) executive chairman Rupert Murdoch has defended using a poison pill to stave off a hostile acquisition.
The comments were made to analysts as part of the Australian leg of an investor roadshow over the split of the company's publishing business from its entertainment assets this month.
In preparing for the split, News Corp has added a provision to allow shareholders to ward off a hostile takeover.
Each share of the new publishing company will include a right to purchase $US180 worth of stock for $US90, when any investor acquires 15 per cent or more of the voting shares.
Mr Murdoch says while the move is uncommon in Australia, the so-called poison pill is very common in the US.
News Corp generated a net profit of $4.6 billion in the first half of the current financial year.
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Last
$51.77 |
Change
-0.140(0.27%) |
Mkt cap ! $1.870B | |||
| Open | High | Low | Value | Volume |
| $51.88 | $51.88 | $51.13 | $4.879M | 94.51K |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 228 | $51.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $51.81 | 228 | 4 |
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| NWS (ASX) Chart |