Fox Shareholder Files Lawsuit To Halt Proposed Disney Acquisition

Fox Shareholder Files Lawsuit To Halt Proposed Disney Acquisition

Fox Shareholder Files Lawsuit To Halt Proposed Disney Acquisition

Fox increased Wednesday its bid to $18.58 a share as it seeks the 61% of Sky not already under its control.

In a statement Comcast, a $155 billion United States cable television giant, said that its latest offer represented a premium of approximately 5.4 per cent to the 21st Century Fox offer, "implying a value of approximately..."

Of course, there's still time for Comcast to make yet another counteroffer, forcing Disney to increase its bid once more.

Comcast said its cash offer has been recommended by Sky's independent committee of directors.

The then Culture Secretary, Matt Hancock, said last month there would be no public interest concerns with a Comcast takeover of Sky.

Disney secured conditional USA approval to buy the assets last month, giving it an edge over Comcast's bid.

Comcast's £14.75p a share offer comes within hours of Murdoch making a new £14 a share offer valuing Sky at £24.5bn.

Neither Comcast nor Sky immediately responded to requests for comment.

This all part of the ongoing battle for Fox's entertainment assets. gets more complicated as the days go on. Both Fox and Disney have scheduled special shareholder meetings for July 27 in NY to approve the cash-and-stock deal to sell $71 billion in Fox assets to Disney.

"Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast". Sky's shares closed at £15.01 on Tuesday, suggesting shareholders think the battle is not over.

The Government had been concerned over the impact that Fox's takeover of Sky could have on United Kingdom media, given that the Murdoch family also owns News Corp - the publisher of a raft of newspapers including The Sun and The Times.

"Fox coming back in for Sky isn't a surprise in itself, but the fact the offer is slightly behind what some had anticipated brings another twist", said George Salmon, equity analyst at Hargreaves Lansdown.

The end of the week is also be the deadline for Comcast to post an offer to Sky shareholders, who then have 60 days to consider that offer under United Kingdom takeover rules.

"There are enough sub-plots in the race to acquire Sky to commission a primetime drama", Salmon said.

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