NEW YORK ( TheStreet) -- Jilted prospective acquirer 21st Century Fox (FOXA) is making off quite well following the rejection of its $80 billion offer to Time Warner (TWX). Institutional investor ValueAct Capital has disclosed a $1 billion position in the Rupert Murdoch-run media conglomerate.
ValueAct CEO Jeffrey Ubben said his fund had amassed the stake over the turbulent trading period since Fox initially confirmed its Time Warner offer in mid-July to its retraction of the proposal August 5, wherein shares had tanked more than 11%.
Ubben, speaking with CNBC, noted the firm was “completely in sync” with management’s decision to remain as a standalone business and estimates earnings of at least $2.50 by 2016, profit growth more than 10% higher than what analysts surveyed by Thomson Reuters forecast.
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