The Walt Disney Company has set a March 20 deadline for the acquisition of 21st Century Fox.
The acquisition was approved by shareholders of both companies in July 2018.
The new deadline lays out a schedule for the coming days, with instructions to shareholders affected by the sale. Holders of 21st Century Fox common stock must elect the form of consideration they wish to receive by 5 p.m. ET/PT on Thursday (March 14).
Under the acquisition agreement, 21st Century Fox stockholders may elect to receive US$38 per share in either cash or shares of “New Disney,” the holding company that will own both Disney and 21st Century Fox following the acquisition. The Election Form and Letter of Transmittal necessary for stockholders (holding common stock as of Dec. 19) to choose the form of consideration they wish to receive was mailed on Dec. 27.
Additionally, 21st Century Fox will distribute all issued and outstanding shares of Fox Corporation common stock to 21st Century Fox stockholders (excluding holders of the shares held by subsidiaries of 21st Century Fox) on a pro rata basis at approximately 8 a.m. ET/PT on March 19.
The acquisition will then become effective at 12:02 a.m. ET/PT on March 20.