CNBC's David Faber this morning reported that Jeff Ubben's activist firm ValueAct Capital has taken a stake in 21st Century Fox (FOXA).
Faber reports they have a $1 billion stake in the company and built the position while FOX had submitted a bid for Time Warner (TWX). During that time, FOX shares noticeably declined.
He also reports that Ubben likes the company's standalone plan as they decided to walk away from the deal, though sees the logical advantages of a tie-up should that happen in the future. Ubben thinks FOX can earn $2.50 per share in 2016.
Embedded below is the video of Faber's report with the details:
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For more on this firm, head to some of ValueAct's recent portfolio activity here.
Monday, August 11, 2014
ValueAct Capital Takes 21st Century Fox Stake
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