Friday, 20 April, 2018

Fox President Expects Disney Acquisition To Be Complete by Summer 2019

Disney must bid for Sky even if Murdoch offer fails, watchdog rules UK Takeover panel sets Disney/Sky conditions
Heather Davidson | 13 April, 2018, 01:29

The Takeover Panel in its opinion said it "considers that securing control of Sky might reasonably be considered to be a significant objective of Disney's acquiring control of Fox", adding the conglomerate would have to offer the same price that Fox has offered to buy the rest of Sky.

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

Disney will be required to make a mandatory offer for all of Sky after completing its proposed acquisition of Twenty-First Century Fox, according to the UK Panel on Takeovers and Mergers.

The decision comes from United Kingdom regulatory body the Takeover Panel, which is part of the review process for Fox's $25.8 billion bid to buy the 61% of Sky is doesn't now own.

Earlier this month, 21st Century Fox said the Walt Disney Company is interested in buying United Kingdom -based Sky News regardless of whether its $52.4 billion deal for certain Fox assets goes through.

Sky shares were mostly unchanged at 1,311 pence as of 11:41am in London.

Disney and Fox are said to have accepted these conditions. In January, the United Kingdom competition watchdog ruled that the deal would be against public interest on media plurality grounds and would give too much control to the Murdoch family, which controls Fox.

Disney in December had announced its agreement to buy a large part of Fox, including the Twentieth Century Fox movie and televison studio, cable channels including regional sports networks and key global properties, including the stake in Sky.

Fox, which already holds a 39.1% stake in Sky, agreed at the end of 2016 to buy the remainder of the company in a deal valuing it at £18.5bn.

However, it ensures a guaranteed bidder for Sky in the event that British regulators don't sign off the Fox takeover.

The ruling is contingent on Disney's $52.4 billion purchase of Fox's entertainment assets getting completed.

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

Mr Watson, who is shadow culture secretary, said the news of the raid of Fox's office is "concerning".

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