FIGHT HEATING UP

Higher bids for Fox seen after new Disney offer

Your move, Brian. Much of Wall Street anticipated Wednesday’s increased bid by Disney Chief Executive Bob Iger for most of Twenty-First Century Fox — just as it now expects a counter-offer from Comcast CEO Brian Roberts.

“Brian wants to have an opportunity to participate,” Mario Gabelli of Gamco Investors said on CNBC. “He probably has to bump [Disney’s amended $38 bid] by 3 or 4 dollars a share.”

Those on the Street are also looking for the ante to rise much higher.

Jefferies analyst John Janedis wrote he expected “a counter from Comcast in the low $40’s.”

The analyst also predicted the bidding for Fox’s film and television studios, cable entertainment networks and international TV businesses would go to $80 billion, or $43 a share.

The new Disney deal “is superior to the proposal” made by Comcast earlier this month, Fox said in a statement late Wednesday.

For those who haven’t been keeping score, the takeover value predicted by Janedis is 53 percent greater than the $52.4 billion that Disney first put on the table for the same Fox assets on Dec. 14.

That all-stock offer, which translated into $28 per share, ruled the day until Comcast countered with an all-cash bid of $35 per share — or $65 billion in equity value — on June 13.

Roberts made the proposal in a letter that began “Dear Rupert, Lachlan and James” — a reference to the Murdoch family, which controls Fox and has a 17 percent economic interest in the media company.

The letter also established that, as a suitor for Fox assets, Roberts was no less ardent than Disney’s Iger, insisting that Comcast “would be the right strategic home for them.”

Iger also took a personal approach while sweetening Disney’s offer.

“After six months of integration planning, we’re even more enthusiastic and confi- dent in the strategic fit of the assets and the talent at Fox,” he said. And on a conference call he added that Disney had already reorganized with a view toward bringing in Fox talent that had “extremely impressed” its team.

Disney’s amended bid, which is offering $38 in cash or stock for each Fox share, elevates the equity value of the assets in question to $71.3 billion.

Fox acknowledged accepting Disney’s amended agreement, calling its “package of consideration, flexibility and deal certainty enhancements” superior to Comcast’s June 13 proposal.

Investors responded by sending Fox shares up 7.5 percent, to close at $48.08. The day’s gain took the stock’s increase since Disney kicked off the bidding war six months ago to 47.5 percent.

While Comcast did not respond to requests for comment, Disney left no doubt about its desire for Fox.

Iger insisted a Disney-Fox deal would clear regulatory hurdles, whereas Comcast’s 2011 acquisition of NBCUniversal required restrictions to allay antitrust concerns.

“We believe we have a much better opportunity in terms of approval and in the timing of that approval,” he said.