Disney must make offer for Sky, UK panel rules
Walt Disney must make an offer for Sky if its $52.4 billion (€42.5 billion) purchase of most of 21st Century Fox succeeds, the UK Takeover Panel has ruled.
Disney would have to bid £10.75 per Sky share upon completing the acquisition of Fox assets, which include an existing 39 per cent in Sky, and if Fox or Comcast don’t first buy the European pay-TV company, according to a statement from the panel. 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.
The decision may disappoint some Sky shareholders expecting Disney to be forced into a higher mandatory offer. However, it also means they have a likely bidder for the business and a price floor should the Fox takeover be blocked by UK regulators.–