NEW YORK (TheStreet) -- Shares of Time Warner Inc. (TWX) are up 0.30% to $87.62 in pre-market trade as the company's board took a major step to fight off Rupert Murdoch's unwanted takeover offer by eliminating a provision in its bylaws that let shareholders call special meetings, Bloomberg reports
The amendment removes a method investors could have used to pressure the company to sell. Time Warner recently rejected an unsolicited takeover offer of about $75 billion from billionaire Murdoch's 21st Century Foc Inc. (FOXA).
The change would delay any action by shareholders to force a vote until June, when the company typically holds its annual meeting, sources told Bloomberg.
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TheStreet Ratings team rates TIME WARNER INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TIME WARNER INC (TWX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."