News Corp. said Wednesday that a hearing originally scheduled to be held in the Court of Chancery of the State of Delaware March 1 has been postponed.
The hearing’s purpose was to rule on plaintiffs' motion for a preliminary injunction prohibiting the completion of News Corp.'s exchange offer for outstanding shares of Fox Entertainment Group Inc.'s class-A common stock, which was announced Jan. 10.
The exchange offer is currently set to expire at midnight (EST) March 4. Although News Corp. did not announce plans to extend the expiration date, it expects to do so to a date following the rescheduled hearing.
The new date for the hearing has yet to be determined, but the company said it expects it to be held in mid-March.