Sky Issues Statement On UK Panel Ruling

Dianna Christensen
April 13, 2018

The Takeover Panel also ruled that Disney would have to match Fox's £10.75 (Dh56.03) a share offer for the Sky stocks, which is the same offered by Fox for the company stocks which it doesn't already hold. "The panel executive considers that securing control of Sky might reasonably be considered to be a significant goal of Disney's acquiring control of Fox", it said.

Walt Disney Co. must make an offer for Sky Plc if its $52.4 billion purchase of most of 21st Century Fox Inc. succeeds, the UK Takeover Panel ruled.

The new regulatory requirement adds yet another wrinkle to an already complicated acquisition process that involves Disney, Fox, Sky and Comcast.

The UK regulator said Disney would have to make a fixed GBP10.75 per share cash offer for Sky, the same price offered by Fox.

Fox now owns a 39% stake in Sky and is trying to buy the remaining stake 61%.

Shares in Sky were trading marginally lower at 1,310.50 pence Thursday morning in London.

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The panel's supervisory role is distinct from the investigation into the Fox-Sky deal being carried out by the Competition and Markets Authority (CMA), which looks at wider issues. "Further advice to Sky shareholders will be announced in due course".

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

Fox faces a number of regulatory hurdles after the UK's competition watchdog found the £11.7bn deal was "not in the public interest".

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

"It's very good news", said Crispin Odey, founder of hedge fund manager Odey Asset Management, which owns a 0.8% stake in Sky according to data compiled by Bloomberg.

Disney will have to make a full takeover bid for Sky even if the competition regulator quashes Rupert Murdoch's £11.7bn attempt to buy 100% of Britain's biggest pay-TV broadcaster, the United Kingdom takeover panel has ruled.

Other reports by GlobalViralNews

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