Fox given all-clear to buy Sky amid takeover battle

Fox given all-clear to buy Sky amid takeover battle

Additionally, Comcast has announced that its increased superior cash offer has been recommended by the Sky Independent Committee of Directors.

Comcast and Walt Disney (DIS.N) are locked in a separate $70 billion-plus battle to buy most of Fox's assets, which would include Sky, and Disney is backing Murdoch in his pursuit of the British company.

Comcast expects to pay its advisers between £203 million and £243 million in total for their work on the Sky bid, the USA group estimated in its formal offer document for the British company yesterday.

"If you're doing some game theory here, what Comcast should probably want to do if it believes that Disney is going to top any bid it makes for the Fox assets is to bid higher", Rogers said.

However, British regulators have indicated that if Disney succeeds in buying Fox, including the 39 percent stake in Sky, it would be required to offer the same price for the remainder of Sky.

It came after Fox raised its bid to £14 a share on Wednesday from the £10.75 a share offered when it first made a bid for Sky 18 months ago. This would mean that Disney would be able to pick up the shares for nearly $2 billion less than Comcast have offered already, confusing, right?

Fox recently accepted Disney's 71 billion dollar (£54 billion) offer from Disney.

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Comcast turned up the heat overnight with a new £14.75-a-share proposal, up from £12.50 previously.

The speed of Comcast's reaction "was a deliberate move created to show Murdoch that the company is determined to pursue Sky and has the stomach for a bidding war" says The Guardian.

Jefferies see this multiple falling rapidly as Sky's earnings improve, helped by lower Premier League soccer costs from 2019. However, as reported by Deadline, the Takeover Panel in Britain has now ruled that if the Disney purchase of Fox goes though, they would have to pay £14.00 per share.

In the end, the more expensive Sky and the Fox assets get, the more likely it is that the two companies will split the assets, rather than strain their balance sheets to afford everything, Rogers said.

Long-term goals: Murdoch is keeping news and major live sports assets seen as less vulnerable to online ads and streaming. Fox released a terse statement late on Wednesday saying it noted Comcast's offer.

The BBC reports "politicians and regulators were concerned it could give Mr Murdoch too much power over the media in the United Kingdom, [while] there were also worries about Sky News' long-term financial viability, and how independent it would be editorially". Comcast has already received relevant regulatory approvals in the EU, Austria, Germany, Italy, and Jersey. I worked for Sky for around 10 years and during that time the CEO of Sky was James Murdoch, son of Rupert. "This is a clear gift to Disney", he said.

They've been enforcing what's known as the chain principle, which mandates a full takeover bid for a company if a buyer acquires more than 30 percent of its shares, even if those shares are acquired as part of a larger deal.

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