Does Rupert Murdoch really mean to grab Warner?
The brief letter from Rupert Murdoch's News Corp. to Warner Communications was impeccably polite, but it had the impact of a death threat. Received on Dec. 30 and made public last week, the letter announced that Murdoch's company might buy up to 49.9% of Warner's stock. Later in the week Murdoch notified the Securities and Exchange Commission that he might wage a proxy fight to "influence the managment or acquire control of the company." At Warner's Manhattan headquarters, executives quickly donned flak jackets for a takeover battle.
When Murdoch bought 7% of Warner's stock last...
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