News Corp, the media conglomerate controlled by Rupert Murdoch, was lambasted recently by institutional investors over its plans to extend its "poison pill" provision.
News Corp surprised the markets later by announcing that it was extending its shareholder rights plan, or poison pill, for a further two years.
The mechanism will allow it to block any potential bid for the company by John Malone of Liberty Media, which has recently built up an 18 per cent voting stake in News Corp.
The move provoked an angry response from News Corp investors, who claimed that it was a "direct breach" of a pledge the company made last year in order to obtain approval from shareholders for News Corp to redomicile from Australia to the US state of Delaware.
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