NEW YORK and LOS ANGELES, Oct. 14, 2019 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX) today confirmed that Credible Labs Inc.'s (ASX: CRD) ("Credible") stockholders overwhelmingly voted in favour of Fox Corporation's proposed acquisition of 67% of the equity of Credible.
Credible stockholders voted at a special meeting held today in Sydney, Australia.
This vote comes after Credible's Board of Directors unanimously recommended stockholders to vote "FOR" the proposal.
Commenting on the vote, Fox Corporation Executive Chairman and Chief Executive Officer, Lachlan Murdoch said: "Today Credible's stockholders overwhelmingly supported Fox Corporation's proposed merger. This transaction advances Fox's innovative digital strategy focused on meaningful engagement with our large audiences. When combined with Credible's industry-leading user experience, the strength and breadth of the FOX brands offer a unique opportunity to deliver greater impact and scale in the fast-growing marketplace of digital consumer finance. We look forward to the partnership with Stephen Dash and his team."
Details of merger:
The transaction is expected to close promptly now that it has gained receipt of a majority vote of all Credible stockholders as well as a majority vote of all shareholders other than Mr. Dash and his affiliates. It is now only subject to the receipt of regulatory approvals and other customary closing conditions.
Kirkland & Ellis LLP and Herbert Smith Freehills are serving as U.S. and Australian legal counsel, respectively, to Fox Corporation.
About Fox Corporation
Fox Corporation produces and distributes compelling news, sports and entertainment content through its iconic domestic brands including: FOX News Media, FOX Sports, FOX Entertainment and the FOX Television Stations. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of our footprint allows us to deliver content that engages and informs audiences, develops deeper consumer relationships and creates more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that will shape our strategy to capitalize on current strengths and invest in new initiatives. For more information about Fox Corporation, please visit www.FoxCorporation.com.
Credible (ARBN: 621 866 813) is a U.S. company based in San Francisco which operates a consumer finance marketplace that helps consumers save money and make better financial decisions. Credible has developed a proprietary technology platform that is integrated with credit bureaus and financial institutions. Credible has developed a differentiated, and personalized user experience that enables consumers to compare instant, accurate pre-qualified rates from multiple financial institutions for student loans, personal loans and mortgages. For more information, please visit: www.credible.com
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of the Private Securities Litigation Reform Act of 1995, including statements and information relating to Fox Corporation's proposed acquisition of Credible equity. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" and similar expressions are used to identify these forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this news release due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the business of Fox Corporation. More detailed information about risk factors affecting Fox Corporation is contained in the documents Fox Corporation has filed with or furnished to the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the fiscal year ended June 30, 2019, and subsequent Quarterly Reports on Form 10-Q.
Investors are cautioned not to put undue reliance on forward looking statements or information. Statements and information in this news release speak only as of the date they were made, and Fox Corporation does not undertake any duty to update or release any revisions to any forward looking statement made in this news release or to report any events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events or to conform such statements and information to actual results or changes in expectations, except as required by law.
SOURCE Fox Corporation
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