After three rounds of secret bidding on Friday and Saturday, September 21 and 22, Comcast offered the higher price of £17.28 (US$22.62) per share for Sky, the equivalent of nearly £30 billion (US$39.2 billion) in total for the company. Rival 21st Century Fox offered £15.67 (US$20.52) per share.
Sky shareholders must now decide whether to sell their shares to Comcast. Comcast stated it hopes to complete the sale by the end of October.
The Comcast offer values Sky at almost £4 billion (US$5.2 billion) more than the Disney-Fox bid and was recommended to shareholders by Sky’s independent committee, which was set up to evaluate the takeover bids.
Fox currently owns 39% of Sky. It now must decide whether to sell its stake or remain a minority shareholder.
“Sky is a wonderful company with a great platform, tremendous brand and accomplished management team,” Comcast Chairman and CEO Brian Roberts said in a statement. “This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally.”
British regulators organized the auction in part to ensure that Sky’s value didn’t erode during the long bidding process.
Full Content: Financial Times