In a historic announcement on Wednesday, May 20th, 21st Century Fox`s board of directors revealed that they have amended and restated their merger agreement with Disney.
This marks a significant development in the ongoing saga of the acquisition of Fox`s entertainment assets by Disney.
The amended agreement has several key changes compared to the original merger agreement. First and foremost, Disney`s offer has been increased to $38 per share, up from the previous offer of $28 per share. This represents a staggering $71.3 billion bid by Disney to acquire Fox`s entertainment assets.
Additionally, the amended agreement allows for Fox shareholders to choose to receive their payment in cash or in Disney stock. This gives shareholders greater flexibility in how they can benefit from the merger.
The board of directors at 21st Century Fox has also authorized their management team to explore other potential offers from other companies. This move indicates that the board is committed to securing the best possible deal for their shareholders.
The amended agreement also includes several provisions that are designed to protect Fox`s employees. As part of the deal, Disney has agreed to take on all of Fox`s employees who are associated with the assets being sold. This means that thousands of people who work for Fox will be given the opportunity to continue working for Disney after the merger is completed.
Furthermore, the amended agreement includes provisions that will ensure that all Fox employees are treated fairly during the transition process. This will include offering severance packages to those who are not able to continue working for Disney after the merger is completed.
The amended and restated merger agreement between 21st Century Fox and Disney is a significant development in the world of entertainment and media. The merger will create a massive media conglomerate that will have a significant impact on the industry for years to come.
With the increased offer from Disney and the provisions that have been included to protect Fox`s employees, it appears that this merger is on track to be completed in the near future. It will be interesting to see how this new media giant will shape the entertainment industry in the coming years.
