Fox Says Committed To Sky Bid After Regulator Ruling On Disney

Hedge fund shareholders of Sky including Polygon Global Partners LLP had called for a mandatory bid for Sky by Disney at a higher price than the Fox offer

In December, Disney said it planned to acquire a large part of Twenty First Century 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, which were valued collectively at USD60.00 billion.

Fox now owns a 39% stake in Sky and is trying to buy the remaining stake 61%.

Fox has also offered to buy the 61% stake in Sky it doesn't already own for a total of GBP11.7 billion, or GBP10.75 a share.

Disney will have 28 days from the completion of its $66B acquisition of Fox to make a £10.25 ($US15) offer for all the shares of Sky if Fox's own $15.7B takeover of Sky is not complete by then or if Comcast's rival offer has not been accepted.

"Following the acquisition by Disney of Fox, Disney will be required to make a mandatory offer to the holders of ordinary shares in Sky".

Earlier this month, 21st Century Fox said the Walt Disney Company is interested in buying United Kingdom -based Sky News regardless of whether its $52.4 billion deal for certain Fox assets goes through.

The panel's supervisory role is distinct from the investigation into the Fox-Sky deal being carried out by the Competition and Markets Authority (CMA), which looks at wider issues.

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.

The UK's Competition and Markets Authority is now reviewing Fox's bid for Sky and is due to report back to British culture secretary Matt Hancock by May 1, who will then have 30 days to decide whether or not to approve the deal.

The three companies - Sky, Fox and Disney - signed a confidentiality agreement in March. Rice said the new company will probably just be called "Fox".

Sky shares were mostly unchanged at 1,311 pence as of 11:41am in London.

"It's very good news", said Crispin Odey, founder of hedge fund manager Odey Asset Management, which owns a 0.8% stake in Sky according to data compiled by Bloomberg.

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