Fox President Expects Disney Acquisition To Be Complete by Summer 2019

13 April, 2018, 01:25 | Author: Terri Saunders
  • Hedge fund shareholders of Sky including Polygon Global Partners LLP had called for a mandatory bid for Sky by Disney at a higher price than the Fox offer

"The basis for this ruling is that, in accordance with paragraph (b) of Note 8 on Rule 9.1, the Executive considers that securing control of Sky might reasonably be considered to be a significant goal of Disney's acquiring control of Fox", the independent body noted.

Disney had said it did not believe it should be required to make a bid for the whole of Sky in line with Fox's existing offer if it bought the Fox assets.

The UK Takeover Panel said Disney must offer Sky shareholders £10.75 a share if competition authorities block Fox's takeover of the 61 per cent of Sky it does not already own.

The UK Takeover Panel on Thursday said Thursday that the Walt Disney Co will be required to make a mandatory offer for pay-TV operator Sky PLC at a fixed cash price of GBP10.75 per share after completing the proposed acquisition of Twenty-First Century Fox Inc. Comcast in February said that it was considering making an offer for Sky. The country's antitrust regulator-The Competition and Markets Authority-in January provisionally ruled the Fox offer against the public interest on media plurality grounds.

Earlier in April, Fox proposed two remedies to address plurality concerns voiced by United Kingdom mergers regulator the Competition & Markets Authority.

In a statement, Sky advised shareholders to take no action on the Takeover Panel decision.

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The three companies - Sky, Fox and Disney - signed a confidentiality agreement in March.

Fox proposed create a independent and separately run company for Sky News.

In the meantime, Disney agreed to buy Fox assets, including its stake in Sky, in a separate deal, which is subject to regulatory clearance.

It is also not clear how Disney properties might benefit.

Fans haven not heard a lot about Disney's Fox acquisition in recent months, but 21st Century Fox President Peter Rice has finally given an update, in the form of a loose deadline, for when the acquisition will finally take hold.

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