Dis­ney must make of­fer for Sky, UK panel rules

The Irish Times - Business - - MARKETS -

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.–

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.