×

Disney Required to Offer to Buy All Sky Shares if Fox Takeover Bid Fails

Disney will be required to make an offer to purchase all Sky shares if 21st Century Fox’s bid to acquire the remaining 61% of the satcaster is not approved prior to completion of Disney’s acquisition of Fox assets. the British Panel on Takeovers and Mergers has ruled.

The independent body said Thursday that The Walt Disney Company will be required to make a mandatory offer to all Sky shareholders of £10.75 upon completion of its acquisition of 21st Century Fox’s entertainment assets. The panel, which supervises and regulates takeovers in the U.K., confirmed that it had informed Disney, Fox and Sky, and that each company had accepted the ruling .

The statement read: “Following completion of the acquisition by Disney of Fox (after a spin-off of certain businesses), Disney will be required to make a mandatory offer to the holders of ordinary shares in Sky as a result of Fox’s stake of approximately 39% in Sky. The basis for this ruling is that the panel executive considers that securing control of Sky might reasonably be considered to be a significant purpose of Disney’s acquiring control of Fox.”

The panel said the offer was required to be £10.75 ($15.24) in cash for each ordinary share in Sky, which is in line with Fox’s existing offer in its bid for full control of Sky.

The offer is required to be made by Disney within 28 days of acquiring Fox unless Fox has completed its own takeover of Sky, which is currently under review by Britain’s competition watchdog, or if a third party has acquired more than 50% of Sky shares. Comcast announced in February that it was considering a rival all-cash £22.1 billion ($31.3 billion) offer for Sky, which would amount to £12.50 ($17.72) per share.

A response from Sky, noting the takeover panel’s ruling Thursday, advised Sky shareholders to take no further action at this stage.

Disney announced its $52.4 billion acquisition of 21st Century Fox assets in December, which includes Fox’s existing 39% stake in Sky.

More TV

  • How Cooking-Travel Shows Are Changing TV

    How Cooking-Travel Shows Are Changing TV

    Toyo hunches over his street food stove, cooking tuna with a blow torch, stopping to light his cigarette with it and produce a cheeky grin. The Japanese chef, who owns a roadside stand in the city of Osaka, is one of many highlighted in the Netflix series “Street Food.” Over the course of 30 minutes, [...]

  • SAG-AFTRA HQ

    SAG-AFTRA Leaders Approve Proposal for New Film-TV Contract

    The SAG-AFTRA national board has approved proposals for a successor deal to its master contract covering feature film and primetime television — a key step in the upcoming negotiations cycle with companies. The board approved the package Saturday with the performers union declining to reveal any specifics — its usual policy. The board established the wages [...]

  • Shannen Doherty'Jennie Garth: A Little Bit

    Shannen Doherty Joins 'Riverdale' Season 4 in Luke Perry Tribute

    “Riverdale” is planning to make a special tribute to Luke Perry. The show’s executive producer Roberto Aguirre-Sacasa announced at Comic-Con that Shannen Doherty, Perry’s longtime friend and “Beverly Hills 90210” co-star, will guest star in the season 4 premiere. The tribute episode will “reflect Perry’s enduring legacy and the indelible imprint his character” Fred Andrews [...]

  • Supernatural CW

    'Supernatural' Team Gets Emotional Final Season Sendoff at Comic-Con

    The cast and creative team of “Supernatural” bid a fond farewell to the attendees of San Diego Comic-Con on Sunday. At the show’s final panel in the gargantuan Hall H, the team thanked the fans for all of their support over the years as the series prepares to enter its final season. “I’m trying not [...]

  • Alicia Rodis photographed by Alicia Rodis

    SAG-AFTRA Moves to Standardize Guidelines for Intimacy Coordinators

    SAG-AFTRA is moving to standardize guidelines for intimacy coordinators as part of an effort to establish policies for union members when their work involves nudity and simulated sex. “Our goal is to normalize and promote the use of intimacy coordinators within our industry,” said SAG-AFTRA president Gabrielle Carteris. “Intimacy coordinators provide an important safety net for [...]

  • SDCC TV News Roundup: Syfy Releases

    SDCC TV News Roundup: Syfy Releases 'The Magicians' Season 5 Clip (Watch)

    In today’s SDCC TV news roundup, Syfy shares a clip from “The Magicians” Season 5, and Amazon sets the Season 4 premiere of “The Expanse.” CASTING Julie Gonzalo and Staz Nair have joined the cast of “Supergirl” for its upcoming fifth season. Gonzalo will portray iconic DC character Andrea Rojas aka Acrata, a polished businesswoman [...]

  • Doom Patrol -- Ep. 101 --

    'Doom Patrol' Renewed, Season 2 to Stream on DC Universe and HBO Max

    “Doom Patrol” has been renewed for a second season and will soon be available outside of DC Universe. At San Diego Comic-Con, series executive producer Jeremy Carver and star Diane Guerrero announced not only that the show will be back for another season but also that it will be available on HBO Max, the upcoming [...]

More From Our Brands

Access exclusive content