Big Fox shareholder urges Rupert Murdoch to overlook his self interest and consider Comcast cash deal
May 25, 2018
The Philadelphia Inquirer
Types : In the News
Warning of conflicts of interest within the Murdoch family, a U.K. hedge fund with $5.3 billion in 21st Century Fox stock told 87-year-old Rupert Murdoch to disregard huge personal tax issues in the sale of Fox assets and consider Comcast Corp.’s potential cash offer.
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New Jersey, California, and other many other states would also tax the gains in a cash deal, said Gary Edelson, the head of the tax department at the Philadelphia law firm Montgomery McCracken. Shareholders who have owned Fox shares for a long time and bought them over a long time at a low price would make the most profits and face the biggest potential tax hit, he said.
“There could be many that would prefer a tax-free reorganization as opposed to a cash deal,” Edelson said Friday.
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