Disney required to make mandatory offer for Sky if Fox bid succeeds | Major Businesses | Business
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The body governing takeover supervision and regulation in the UK has ruled that if Disney makes its proposed $66 billion acquisition of 21st Century Fox, it may need to make a mandatory offer for pay-TV operator Sky.

SKysportsTVrightsJIn this latest twist in the Fox Sky deal, the Panel Executive ruled that The Walt Disney Company will be required to make a mandatory offer for Sky at a fixed price of £10.75 in cash per share within 28 days of completion of Disney's proposed acquisition of 21st Century Fox, unless by then the Rupert Murdoch-own company has achieved his long-standing and cherished ambition of acquiring 100% of the Sky shares, or any third party — in particular and most likely Comcast — has acquired more than 50% of the Sky shares.

The basis for the panel executive ruling is that, in accordance with paragraph (b) of Note 8 on its Rule 9.1, its considers that securing control of Sky might reasonably be considered to be a significant purpose of Disney’s acquiring control of Fox. The Panel Executive says that Disney, Fox and Sky have each accepted the rulings. As it made its announcement the executive said that it understands that neither Disney nor any person acting in concert with Disney has acquired any interest in Sky ordinary shares during the 12 months prior to the announcement of the acquisition or subsequently. Sky has advised its shareholders to take no further action at this stage.