By Hoai-Tran Bui/July 10, 2018 5:00 pm EST
Robert Weiss filed the complaint (which you can read here) in Delaware federal court on Friday. The complaint alleges that Fox’s prospectus filed to the Securities and Exchange Commission after the company accepted Disney’s offer was incomplete.
The complaint argues that full disclosure of this information is tantamount to the stockholders’ July 27 vote, adding, “In short, unless remedied, 21CF’s public stockholders will be forced to make a voting or appraisal decision on the Proposed Transaction without full disclosure of all material information concerning the Proposed Transaction being provided to them.”
“Stockholders need such information in order to make a fully informed voting or appraisal decision. Stockholders will be forced to make a voting or appraisal decision on the proposed transaction without full disclosure of all material information concerning the proposed transaction being provided to them.”
Last month, Disney outbid Comcast’s previous offer of $65 billion for Fox’s assets, including its film and TV studio as well as FX Networks. This seemed like it would put an end to the long-running bidding war between Disney and Comcast, which has faced all manner of legal and government obstacles since Disney first made its bid for the studio last year. The billion-dollar bidding war rocketed up from the initial $50 billion, galvanized by AT&T’s historic legal victory in its acquisition of Time Warner. Now we’ll have to wait and see if this yet another speed bump that Disney will overcome in its deal with Fox, or if it will truly bring a halt to the long-running saga.
