Fox Shareholders to Vote on Disney Merger This Summer

Fox has officially set a shareholder meeting where a vote will take place to decide whether to move forward with the proposed sale to Disney.

According to Deadline, 20th Century Fox has set the shareholder meeting for July 10. Among other things, shareholders attending the meeting will vote on the $52.4 billion sale to The Walt Disney Company.

The company has stated that the Fox board has recommended to stockholders that they vote in favor of the proposal.

Another factor coming into play in regards to this meeting is the massive counter offer coming from Comcast. On May 23, Comcast made public a plan to propose a wealthy, cash-heavy offer to purchase 20th Century Fox. This proposal is said to be in the range of $60 billion, significantly higher than the agreed upon $52.4 billion offer from Disney.

In a statement, Fox noted that, if the right legal requirements are met, the company could postpone the shareholder vote in order to take time to consider the proposal from Comcast.

“If any event occurs that 21CF determines, after consultation with outside legal counsel, is reasonably likely to require under applicable law the filing or mailing of any supplemental or amended disclosure, 21CF may postpone or adjourn the special meeting of its stockholders to allow reasonable additional time for the filing, mailing, dissemination and review by its stockholders of any such disclosure prior to the special meeting.”

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However, since there has been no official update from Fox on the Comcast offer, the meeting will remain scheduled for July 10, giving the company more than a month to get the offers together.

Do you think that 21st Century Fox will approve the sale to Disney? Could Comcast swoop in and take over negotiations with a massive deal? Let us know your predictions by dropping a line in the comments section below!