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Fox shareholders select compensation type in pending Disney acquisition

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Fox shareholders select compensation type in pending Disney acquisition

Walt Disney Co. and 21st Century Fox Inc. announced preliminary results of a vote by holders of 21st Century Fox common stock over the form of consideration they wish to receive pursuant to Disney's pending acquisition of Fox assets.

Holders of 959,919,192 shares of 21st Century Fox common stock, or about 51.57% of outstanding shares, elected to receive cash, while holders of 682,198,198 shares of 21st Century Fox, or about 36.65% of outstanding shares, elected to receive shares of common stock of TWDC Holdco 613 Corp, the holding company that will own both Disney and 21st Century Fox following the completion of the transactions, also known as New Disney.

Holders of 219,388,371 shares of 21st Century Fox common stock, representing about 11.79% of outstanding shares, did not make an election, according to a March 15 news release. The final election results may differ from the preliminary election results.

Disney's acquisition of Fox assets is expected to become effective at 12:02 a.m. ET on March 20.