21st Century Fox posts offer document for Sky takeover launching countdown to deadline

By Bruno Reis

The UK-based European media firm, Sky plc, has received an offer document from 21st Century Fox, initiating a 46-day deadline.

The US company, which already has a 39.1% stake in Sky, has placed an offer of £24.5bn (US$31.55bn) to take over the firm.

The firm has however changed the construction of its offer, from a Scheme of Arrangement to a conventional takeover, Sky News reported.

SEE ALSO:

Fox has not increased its bid of £14 per share, and now has until 22 September to do so in order to compete with rival bidder Comcast CMCSA.L.

The cable operator’s offer for the 60.9% stake in the firm has been recommended by Sky’s independent directors, Reuters claims.

In the remaining period, the two companies have the option to increase their bids. Once the deadline is met, if the situation remains unresolved Britain’s Takeover Panel may launch an auction to end the acquisition deal.

Share

Featured Articles

Middle East GDP hike of 57% if more women join workforce

By tapping into the potential of next-generation female workers, the MENA region could unlock new economic opportunities, up to US$2 trillion, reports PwC

Dialight supplies LED solutions for industrial safety

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, AI, cloud, cyber speakers at TECH LIVE LONDON

TECH LIVE LONDON events sees technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force among the inspirational speakers

Cyber LIVE adds Vodafone head of cyber Kawalec to line-up

Leadership & Strategy

Musk’s multibillion hostile Twitter takeover – the timeline

Leadership & Strategy

Sustainable moves businesses can make to win customers, IBM

Sustainability