Deals
Comcast Forces Disney, Fox to Decide How Much Sky Is Worth
- Fox considering ‘options’ after Comcast’s $30 billion offer
- Comcasts offer is at 16% premium to Fox’s current bid
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Comcast Corp. kicked off a bidding war for Sky Plc by formalizing its 21.5 billion pound ($30 billion) offer for Britain’s largest pay-TV company, throwing down the gauntlet to Rupert Murdoch’s 21st Century Fox Inc. and Walt Disney Co.
Comcast’s all-cash offer of 12.50 pounds a share followed its proposal on Feb. 27 at the same price, 16 percent above Fox’s 10.75 pound-per-share bid for Sky. The morning announcement by Philadelphia-based Comcast spurred a series of rapid-fire responses. Minutes later, Fox said it’s committed to its own Sky bid and is considering options. Within the hour, Sky’s independent directors had pulled their recommendation for the Fox bid and welcomed Comcast’s.