21st Century Fox's Stock Turns Lower; Disney's Buyout Bid Price Is Below Latest Close -- MarketWatch DOW JONES & COMPANY, INC. 8:17 AM ET 12/14/2017 Symbol Last Price Change FOXA 32.75down 0 (0%) DIS 107.61up 0 (0%) QUOTES AS OF 04:15:00 PM ET 12/13/2017 Shares of 21st Century Fox Inc.(FOXA) turned lower in premarket trade Thursday, as Walt Disney Co.'s(DIS) effective per-share buyout bid (www.marketwatch.com/story/disney-to-buy-21st-century-fox-in-a-deal-valued-at-524-billion- 2017-12-14) for the TV and film studios company represented a discount to recent prices. The buyout deal calls for 21st Century shareholders to get 0.2745 of Disney(DIS) shares for each 21st Century share they own. Based on Wednesday's stock closing price of $107.61, that values 21st Century shares at $29.54 each, which is 9.8% below Wednesday's closing price of $32.75. The stock had initially rallied to be up as much as 2.9% in the premarket. The buyout deal is valued at $52.4 billion, excluding debt, while the per-share bid of $29.54 would imply a market value for 21st Century of $54.72 billion. As part of the deal, 21st Century said it would spin off certain assets, including Fox Broadcasting network and stations and Fox News Channel. 21st Century's stock has soared 31% since The Wall Street Journal reported on Nov. 6 (http://www.marketwatch.com/story/disney-held-talks-to-buy-21st-century-fox-assets-2017-11-06) that Disney(DIS) had held talks to buy 21st Century Fox's(FOXA) cable-TV networks, international distribution operations and movie and television studio. The buyout bid is 18% above the Nov. 3 closing price of $24.97. 21st Century shares have gained 17% year to date through Wednesday, while Disney's(DIS) stock has edged up 3.3% and the Dow Jones Industrial Average has climbed 24%.
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