Time Warner cancels shareholders’ ability to call special board meeting

Time Warner (NYSE:TWX) has amended its bylaws to remove a provision that allowed shareholders to call a special board meeting, according to an SEC filing, eliminating a potential avenue 21st Century Fox (NASDAQ:FOXA) could have used to press an unsolicited takeover offer.

Sources tell WSJ the move is intended to give TWX shareholders more time to evaluate the merits of a tie-up, and to see how Fox and TWX perform in coming months against their operating targets.

TWX says it intends to reinstate the provision at the company’s annual meeting next year.

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