- Disney (DIS) and Twenty-First Century Fox (FOX, FOXA) have announced the distribution adjustment multiple in connection with their $71B deal for Fox's media assets.
- The multiple used to determine the portion of each share of 21CF stock to be exchanged for common stock in New Fox is 1.357190.
- About 8 a.m. ET tomorrow, Fox expects to distribute New Fox stock to 21CF shareholders on a pro rata basis.
- Due to the distribution multiple, 0.263183 of each share of 21CF stock will be exchanged for a third of a share of New Fox in the same class, with cash in lieu of fractional shares.
- The other 0.736817 of each share of 21CF will end up exchanged for what a whole share of 21CF common stock would have been exchanged for before the distribution took effect.
- The deal is set to go final at 12:02 a.m. ET on Wednesday.