Fox raises his Sky offer to £ 24.5b, Consumer

Wed, Jul 11, 2018 – 23:33

[LONDON] Rupert Murdoch's 21st Century Fox Inc has increased its bid for Sky Plc, adding pressure on Comcast Corp to retaliate to the global M & A chess game which is led by the largest

Fox has offered 14 pounds per share, valuing Britain's largest pay-TV company at 24.5 billion pounds ($ 44 billion Singapore). That's 12% more than the competing offer of 22 billion pounds of Comcast.

Now, it's up to Comcast to answer. Sky is a pawn in a larger contest between Comcast and Walt Disney Co for most of Murdoch's media empire, while US media giants are trying to confront powerful digital rivals like Netflix Inc.

assets at Disney, including his participation Sky. Meanwhile, time is running out for Brian Roberts, the managing director of Comcast, to make a counter-offer in the battle for Fox's wallet and for Sky

"It's like a chicken game at this point Brian Wieser, Senior Analyst at Pivotal Research Group, said in an interview with Bloomberg TV. "All parties involved are trying, besides Fox, to try to inflict damage from the other side while making the most of it."

However, some investors were expecting a higher counter-offer from Fox. They sent shares up to 2 percent Wednesday, although they remain on top of the Fox offer. Sky shares traded at 15.05 pounds from 3.01 hours in London.

"They are still far behind the curve," said Crispin Odey, founder of Odey Asset Management LLP, which owns shares in Sky. "I think it's going to be around 18 pounds."

Time was running out on Fox to bid higher for Sky, because Comcast has a deadline of Friday to officially release its bid documents to shareholders of the London-based company According to some analysts, Fox would await the final approval of the UK before returning with a higher bid, but with the commitment of the government of Prime Minister Theresa May to make a decision on Thursday,

The rating company Moody & # 39 Corp. stated that the highest bid is negative on credit, whether Fox remains independent or that it is related to Disney. Fox shares fell 3.2% in New York, while Comcast rose 1.9%. Disney shares were also rising

A spokesman for Comcast declined to comment on the company's response.

The British government has already said that it would likely approve Fox's offer for Sky after Fox feared that Mr Murdoch's former British Minister of Culture, Matt Hancock, who has was replaced on Monday night by Jeremy Wright during a cabinet reshuffle, said he was ready to let the takeover, provided that Fox sells the Sky 24 hours. news channel at Disney.

Fox went first after the 61 percent of Sky, he did not own it already in December 2016, offering £ 10.75 per share, but was withheld for concerns that the tie would give too much Murdoch [19659003] Comcast filed a proposal for £ 12.50 per share for Sky in February, and Sky's shares have constantly evolved over Comcast's offer as investors anticipated that Fox or Disney would come back with more.

the directors accepted Fox's latest offer.

"We are delighted with this increased offer," Sky Vice President Martin Gilbert said in a statement sent by email. "This offer reflects the strong position of the company and is an attractive premium for shareholders."

Sky offers Fox and Comcast a rare opportunity to diversify out of the United States and reach more consumers directly.

customers in five European countries and also has a market leading platform, its Q box, and a suite of premium TV content to attract and retain subscribers, including Premier League football rights. Among the assets he's looking to acquire at Fox, Disney CEO Bob Iger has called Sky "a true jewel of the crown."

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