Deals
Fox Makes It Easier to Clinch Sky in Takeover Fight With Comcast
- Switch to straight offer lets Fox use existing Sky stake
- Companies engaged in global M&A tussle over U.K. broadcaster
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21st Century Fox Inc. is making it easier to clinch a takeover of European broadcaster Sky Plc by lowering the bar for approval, to gain an edge over rival bidder Comcast Corp.
Fox on Tuesday switched the conditions of shareholder acceptance for its bid to a straight offer, from a scheme of arrangement. That means Fox can use its existing holding in the British company to get to an approval threshold of as little as 50 percent of Sky shareholders, from 75 percent previously.