Disney must bid for Sky, takeover umpire rules

Disney must bid for Sky, takeover umpire rules

Disney must bid for Sky, takeover umpire rules

The decision comes from United Kingdom regulatory body the Takeover Panel, which is part of the review process for Fox's $25.8 billion bid to buy the 61% of Sky is doesn't now own. Comcast in February said that it was considering making an offer for Sky.

Fox has also offered to buy the 61% stake in Sky it doesn't already own for a total of GBP11.7 billion, or GBP10.75 a share.

If Comcast ends up acquiring Sky, Disney would not have to put forward a bid, the Takeover Panel said.

"Each of Disney, Fox and Sky has accepted these rulings", it added.

In a town hall meeting on the 20th Century Fox studio lot in Los Angeles, 21st Century Fox President Peter Rice spoke with employees about the planned acquisition of the company by the Walt Disney Company, according to Deadline.

Disney will have to make a full takeover bid for Sky even if the competition regulator quashes Rupert Murdoch's £11.7bn attempt to buy 100% of Britain's biggest pay-TV broadcaster, the United Kingdom takeover panel has ruled. That's the same price offered by billionaire Rupert Murdoch's Fox to Sky shareholders in 2016 for the stake it doesn't already hold.

But the takeover has been the subject of intense regulatory scrutiny and is yet to be signed off. The agreement was related to the disclosure of information for enabling Fox and Disney to assess and obtain antitrust approvals needed for the proposed acquisition of Fox by Disney including the indirect acquisition of Fox's interest in Sky. "Disney have underpinned the 10.75 bid".

The decision may disappoint some Sky shareholders expecting Disney to be forced into a higher mandatory offer.

Disney's in-the-works takeover of 21st Century Fox leaves the future of the duo's many media assets in the air as competition authorities analyse the effect the giant would have on the market.

"It's very good news", said Crispin Odey, founder of hedge fund manager Odey Asset Management, which owns a 0.8 percent stake in Sky. "And they've got quite a good prize".

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