Rupert Murdoch’s 21st Century Fox has withdrawn its bid to acquire multinational media group Time Warner Inc.

In a statement, chief executive Rupert Murdoch said the Time Warner board and managers “refused to engage” with his company’s offer.

“Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders,” the statement said.

“These factors, coupled with our commitment to be both disciplined in our approach to the combination and focused on delivering value for the Fox shareholders, has led us to withdraw our offer.”

More to come.