Sky shares leap as Comcast and Fox lock horns in bid battle

13 July, 2018, 11:29 | Author: Gerard Cortez
  • Comcast

The decision by Jeremy Wright clears the final regulatory hurdle for Fox's bid for the 61 percent of Sky that it does not already own.

Fox, which has been trying to buy the pan-European group since December 2016, offered to pay 1,400p per share, a 12 per cent premium to Comcast's earlier offer.

Comcast has upped its bid for Sky in the latest movie in its war with Fox.

Sky's shares were up 3 percent at 15.38 pounds on Thursday, valuing it at 26.6 billion pounds, or $35 billion, as investors bet the battle has further to run for a group which owns a slate of top sport and original drama content. "The market's collective wisdom appears to be pricing in a cool down in the bidding war for Fox with Disney and Comcast each rallying today, with Fox down 4%".

"We continue to believe Comcast ultimately wants both Sky and Fox assets, and that Comcast will come in with a higher bid for FOX in the coming weeks (prior to the 7/26 FOX shareholder vote)", Janedis wrote in a research note.

Comcast Corp. boosted its bid for Europe's Sky TV to $34 billion on Wednesday evening, in a global I-can-do-you-one-better takeover battle with Rupert Murdoch. He added that Disney is now in "wait and see mode" and could still close its Fox deal by year-end if Comcast doesn't come back with a higher bid.

Trump mocked by author J K Rowling over misspelled tweet
Rowling attends the press preview of Harry Potter and the Cursed Child at the Palace Theatre in London in 2016. For his part, President Trump has so far deigned not to respond to JK Rowling on the matter.

The then Culture Secretary, Matt Hancock, said last month there would be no public interest concerns with a Comcast takeover of Sky.

"We welcome this increased offer", Martin Gilbert, deputy chairman of Sky, said in an emailed statement.

The speed with which Comcast's Brian Roberts returned with a higher offer was created to show how determined he is to buy the group which is present in 23 million homes across Europe.

Fox could face further competition from the U.S. cable giant Comcast, however, after it forced Sky's independent directors to drop their previous backing for Fox with an unexpected £12.50-a-share bid for the group in February.

Disney secured conditional USA approval to buy the assets last month, giving it an edge over Comcast's bid.

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