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J.P. Morgan Maintains News Corp-A(NWSA.US) With Buy Rating, Raises Target Price to $40
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News Corporation shareholders vetoed the proposal to cancel weighted voting right stocks.
On November 21st, according to the announcement from the news group controlled by media tycoon Murdoch, the proposal put forward by the activist investment company Starboard Value to cancel the weighted voting right structure was rejected by the shareholders. The non-binding proposal did not receive enough shareholder support. It is reported that the Murdoch family trust holds over 40% of the voting rights of the news group. Starboard Value's proposal received support from shareholder proxies and some investors.
Shareholders of the news group (NWSA.US) voted against the motion to abolish the dual-class share structure.
The news group controlled by the Murdoch family (NWSA.US) stated that shareholders rejected the non-binding motion proposed by activist investor Starboard Value to eliminate the dual-class share structure. The company indicated that the motion did not receive the requisite number of votes for approval. The Murdoch family's controlled companies have over 40% of the voting shares. Starboard Value requested last year that the news group spin off its digital real estate division to unlock value.
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