On Friday, the New York Times reported that T. Rowe Price, a major News Corp. shareholder, has joined with other investors and voiced strong reservations about Rupert Murdoch’s plans to reunite News Corp and Fox Corp.

As justification for the opposition, T. Rowe Price noted the merger of the two companies would likely undervalue News Corp, which is presently priced at less than it is worth.

According to Refinitiv data, T. Rowe Price is the largest shareholder in News Corp, after the Murdoch family, with about a 17.88% ownership.

Independent Franchise Partners and activist investor Irenic Capital, two other major shareholders, have also opposed Murdoch’s plans to recombine the companies, which he disclosed in October. Independent Franchise Partners holds roughly 7% of News Corp’s Class A shares, Irenic Capital Management holds 2% of News Corp’s shares.

Fox and News Corp formed special committees in October to review plans for a possible recombination. Murdoch separated them in 2013. When the 2013 split was completed, Murdoch had placed his publishing businesses in News Corp, then a newly created public entity, while he placed the TV and entertainment businesses under 21st Century Fox

Vincent DeAugustino, a portfolio manager who oversees T. Rowe’s investment in News Corp noted T. Rowe wanted to make its views known to the public and the boards before and firm proposal was presented.

DeAugustino said, “It’s more constructive to help form the process than try to push back against any proposal once it’s been made,” adding T. Rowe had already raised the issue with News Corp’s special committee.

DeAugustino also said that the firm had noted its concerns about any potential financial repercussions from pending litigation against Fox News by the voting machine companies Dominion and Smartmatic.

He also noted there were concerns that the Special committees assigned to review the deal were not independent enough.

Any potential deal will require the support of independent shareholders.