U.K. Regulator Approves Fox's Offer for Sky, but Comcast Tops Fox With GBX 1,475 Offer
On July 12, Jeremy Wright, the new U.K. culture secretary, approved Twenty-First Century Fox’s offer for Sky, removing the last barrier to taking the bid to a vote. However, Comcast threw a spanner into the works by increasing its bid for Sky to GBX 1,475 per share from GBX 1,250. Comcast reserves the right to reduce its offer by any amount up to the final dividend of roughly GBX 22 per share if the dividend is paid before a deal is closed. We are increasing our fair value estimate for Sky to GB...Sky is an entertainment and communications company, engaged in the operation of pay television broadcasting and home communications services, including the provision of broadband and telephone operations. Co. operates in three segments: UK and Ireland, which is involved in the activities and operations of the pay TV, home communications, mobile and adjacent businesses; Germany and Austria, which is involved in the activities and operations of the pay TV and adjacent businesses; and Italy, which is involved in the activities and operations of the pay TV and adjacent businesses. Co. provides entertainment from live sporting events, drama, U.S. and local shows and blockbuster movies.
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