Time Warner Inc.

Time Warner: The amendment by Time Warners board removes a method investors could have used to pressure the company to sell. Time Warner rejected an unsolicited takeover offer of about $75 billion from billionaire Murdochs 21st Century Fox Inc. FOX earlier this month, according to Bloomberg. Under the old rules, investors representing at least 15 percent of the companys shares could have called for a meeting as soon as February, said the person, who asked not to be identified discussing the companys strategy and Time Warner Inc. TWXs board took its first concrete step to fend off Rupert Murdoch s unwanted takeover offer by eliminating a provision in its bylaws that let shareholders call special meetings. The change was approved unanimously by the board and would delay any action by shareholders to force a vote until June, when the company typically holds its annual meeting, a person familiar with the matter said. It also gives Time Warner more time to prove to investors that its better off on its own than with Fox, an argument Chief Executive Officer Jeff Bewkes made last week in a video message to employees. (news.financializer.com). As reported in the news.