By Carlo Martuscelli 
 

The U.K.'s Takeover Panel confirmed on Thursday that Walt Disney Co. (DIS) must make an offer of 14 pounds ($17.80) a share for Sky PLC (SKY.LN) if it buys 21st Century Fox Inc.'s (FOX) entertainment assets.

The panel backed its previous ruling that the mandatory GBP14-a-share offer won't apply if either Fox acquires 100% of Sky or if Comcast Corp. (CMCSA), or another third party, buys more than 50% of the British pay-TV group by the time the deal between Disney and Fox is completed.

The decision comes after the panel said on Aug. 8 that it would consider an appeal on the original ruling. At the time, it said that a meeting of its appeal board would be convened to consider those appeals lodged by several interested parties. The panel didn't disclose the identity of those parties.

In April, the U.K. regulatory body said Disney's mandatory offer for Sky would be priced at GBP10.75 a share. However, the price was increased after Disney sweetened its offer for the Fox entertainment assets, which include a 39% stake in Sky.

Sky is 39%-owned by Fox, which shares common ownership with News Corp. (NWS), the parent company of Dow Jones.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

August 16, 2018 02:49 ET (06:49 GMT)

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