7/13/2018, 6:07 PM (Source: TeleTrader)
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UK watchdog sets £14 minimum for Sky shares

The United Kingdom's Panel on Takeovers and Mergers told Walt Disney Co. its attempt to buy Twenty-First Century Fox Inc. must include a minimum price of £14 a share for Sky Plc if the transaction completes first. The entertainment giant has amended on June 20 the agreement to purchase Rupert Murdoch's media empire with an increased bid. The decision matches the figures from the target's offer to take over the remaining 61% in Sky at a valuation of £24.5 billion.

The chain principle implies the sum needs to be raised, according to the Takeover Panel, which referred to Disney's obligation to make an offer for holders of all ordinary shares if it takes over Fox before Fox buys Sky. It would then be obligated to place a bid for the 61% in the UK-based television operator that Fox doesn't already own. Comcast Corp.'s counteroffer for Sky is £14.75 a share, beating Fox's £14.

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