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21st Century Fox withdraws bid for Time Warner
Source: BBC
Rupert Murdoch's 21st Century Fox has withdrawn its bid to purchase US entertainment giant Time Warner Inc for an estimated $80bn (£47bn).
Time Warner rejected Fox's initial offer in July.
The company wrote in a statement that Time Warner had "refused to engage with us to explore an offer which was highly compelling".
It added that the reaction in the company's share price since the proposal was unveiled undervalues Fox.
Read more: http://www.bbc.com/news/business-28668539
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