Walt Disney Co. and 21st Century Fox Inc. expect Disney's pending acquisition of Fox assets to become effective at 12:02 a.m. ET on March 20.
Holders of 21st Century Fox common stock have until 5 p.m. ET on March 14 to elect the form of consideration they wish to receive in the acquisition, the companies said in a press release.
21st Century Fox is expected to distribute all issued and outstanding shares of Fox Corp. common stock to 21st Century Fox stockholders on a pro rata basis at about 8 a.m. ET on March 19. Disney will calculate the amount of cash and/or shares of New Disney common stock to be distributed to each 21st Century Fox stockholder after the election deadline. New Disney is the holding company that will own Disney and 21st Century Fox following the acquisition. Any election made will be subject to the automatic proration and adjustment procedures set forth in the merger agreement, which ensure that the total cash consideration is equal to $35.7 billion.