Fox President Expects Disney Acquisition To Be Complete by Summer 2019

Fox President Expects Disney Acquisition To Be Complete by Summer 2019

Fox bid two years ago for the 61 per cent of Sky it does not control, following a failed earlier takeover attempt.

The Takeover Panel also ruled that Disney would have to match Fox's £10.75 (Dh56.03) a share offer for the Sky stocks, which is the same offered by Fox for the company stocks which it doesn't already hold.

"Following the acquisition by Disney of Fox, Disney will be required to make a mandatory offer to the holders of ordinary shares in Sky". The deal for that is being reviewed by United Kingdom regulators, while Comcast has also said it was ready to make a competing offer for Sky.

Shares in Sky were trading marginally lower at 1,310.50 pence Thursday morning in London. Meanwhile, it is awaiting the outcome of the United Kingdom competition regulator's verdict on whether to allow Murdoch to buy the 61% of Sky he does not already own - a deal that was well in train before the Disney transaction. Disney argued that owning Sky was not a major driver of its overall Fox deal - which includes buying Hollywood studio 20th Century Fox - and so that rule should not apply. The country's antitrust regulator-The Competition and Markets Authority-in January provisionally ruled the Fox offer against the public interest on media plurality grounds.

More news: Trump vows 'forceful' response after Syria attack

Disney in December had announced its agreement to buy a large part of Fox, including the Twentieth Century Fox movie and televison studio, cable channels including regional sports networks and key worldwide properties, including the stake in Sky. Disney must make a full offer for Sky when it closes its Fox takeover and if the Fox deal for the rest of Sky doesn't close before then and if no other company, including Comcast, buys a controlling stake in Sky first. However, Fox has proposed remedies to allay the regulators' concerns.

Fox's offer is under regulatory scrutiny of British regulators.

The decision from the Takeover Panel, which applies City rules on takeovers and mergers under a code created to ensure shareholders are treated fairly, disagreed with Disney's argument that it should not have to do so.

Mr Watson, who is shadow culture secretary, said the news of the raid of Fox's office is "concerning".

Related Articles