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Fox Says Committed To Sky Bid After Regulator Ruling On Disney

Fox Says Committed To Sky Bid After Regulator Ruling On Disney

It added: "21st Century Fox remains committed to its recommended cash offer for Sky announced on 15th December 2016, which is supported by revised remedies recently offered to the Competition and Markets Authority (CMA) with whom 21st Century Fox has been co-operating in order to bring the United Kingdom regulatory process to a swift and satisfactory conclusion". Comcast in February said that it was considering making an offer for Sky.

Walt Disney Co. must make an offer for Sky Plc if its $52.4 billion purchase of most of 21st Century Fox Inc. succeeds, the UK Takeover Panel ruled.

It is understood that Sky lobbied the Panel to force Disney to bid, allowing its independent directors, led by deputy chairman Martin Gilbert, another potential opportunity to negotiate a higher price.

Shares in Sky were trading marginally lower at 1,310.50 pence Thursday morning in London. That's the same price offered by billionaire Rupert Murdoch's Fox to Sky shareholders in 2016 for the stake it doesn't already hold. However, Fox has proposed remedies to allay the regulators' concerns.

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

However this will not apply if either Fox's takeover bid for the 61 per cent of Sky it does not already own is approved before the sale of most of its assets to Disney, or if rival Sky bidder the USA broadcast company Comcast acquires more than half of Sky's shares in a deal. The agreement was related to the disclosure of information for enabling Fox and Disney to assess and obtain antitrust approvals needed for the proposed acquisition of Fox by Disney including the indirect acquisition of Fox's interest in Sky.

Each of Disney, Fox and Sky has accepted the regulatory rulings, according to the financial regulator.

In a statement, Sky said that it noted the panel executive's ruling and advised shareholders to take no further action at this stage.

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