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T. Rowe Price, a News Corp. shareholder, expresses worries regarding the Fox acquisition.

The New York Times reported on Friday that T. Rowe Price, a major shareholder in News Corp (NASDAQ: NWSA), had strong concerns about Rupert Murdoch’s plan to combine News Corp and Fox Corp.

A merger of the two businesses, according to T. Rowe Price, would likely undervalue News Corp., which it feels is currently trading for less than it is worth.

According to Refinitiv statistics, T. Rowe Price, which is the second-largest stakeholder behind the Murdoch family, controls around 17.88% of News Corp.

Related: Rupert Murdoch is thinking about putting Fox and News Corp. 

While T. Rowe Price did not immediately respond to Reuters’ requests for comment, Fox and News Corp declined to do so.

Murdoch’s intention to reunite the businesses that he split in 2013 has been rejected by Independent Franchise Partners and Irenic Capital, two more significant owners. This plan was revealed in October.

Fox and News Corp announced the formation of special committees in October to investigate the feasibility of a potential merger.

About 7% of News Corp.’s Class A shares and 6.4% of Fox Corp. are owned by independent franchise partners. Irenic Capital Management, an activist investor, owns 2% of News Corp.

Before the firms presented any concrete proposals, T. Rowe Price intended to voice its concerns to the boards and the general public, according to Vincent DeAugustino, one of the portfolio managers in charge of T. Rowe’s stake in News Corp., who was quoted in the newspaper.

DeAugustino told the newspaper, “It’s more helpful to assist in shaping the process than try to push back against any proposal once it’s been made,” and he said that T. Rowe Price had recently brought up its concerns with News Corp’s special committee.

The asset management company was also concerned about the potential financial repercussions of the Dominion, Smartmatic, and Fox News lawsuits. stated DeAugustino.

He also worried that the special committees set up to look into the agreement were not fair enough.

Murdoch’s publishing company was placed in the newly formed public company News Corp, while his television and entertainment companies were placed under 21st Century Fox in the 2013 split.

Related: Positive corporate news boosts sentiment in Europe, sending stocks higher.

Analysts have expressed worries about the merger and said that News Corp should simplify instead of reuniting with Fox by selling off or spinning off companies. Independent shareholders would be required to approve any agreement.

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