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Sky's share price has steadily risen before the auction and soared to £ 15.96 ($ 20.86) on Friday. The stock market move indicates that investors were expecting a higher bid than previous advances, with some analysts suggesting that companies could place bids of £ 16 per share ($ 20.92) or more . Prior to the auction, Comcast's highest bid for Sky was £ 14.75 per share ($ 19.28), while Fox's highest bid was at £ 14 per share (18, $ 30).
The blind auction format is very unusual for an agreement as remarkable as the acquisition of Sky. Auctions are normally reserved for commercial transactions. In such auctions, bidders submit sealed bids to a third party arbitrator.
Once the auction is over, Fox and Comcast will have to make an announcement of their revised offer for Sky by Monday. Companies must then publish an official offer document no later than Thursday. It is then up to Sky's board of directors and shareholders to accept any of these offers, the deadline being October 11th.
Although the highest final offer is likely to be revealed on Saturday, the new owner will not be confirmed until the shareholders of Sky decide on the offer to accept.
– Disclosure: Comcast owns NBCUniversal, CNBC's parent company.
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