MEDIA baron Rupert Murdoch will be given an extension of his controversial "poison pill" corporate defence strategy at tonight's News Corporation annual meeting in New York.
Company sources last night confirmed that Mr Murdoch, News (nws.ASX:Quote,News) chairman and chief executive, had the numbers for a two-year extension of the poison pill when the issue goes to a vote of shareholders.
This was despite the fact that institutional investors were being advised to vote against the strategy because of its potential to depress the share price.
It was unclear which institutions had decided to reject that advice, but among Mr Murdoch's individual supporters is Saudi billionaire Prince Alwaleed bin Talal, the world's fourth-richest man, whose $US16 billion ($21 billion) worth of US investments includes about 3 per cent of News's voting stock.
Murdoch poison pill in the bag | NEWS.com.au Business
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