Comcast, Fox to Settle $35 Billion Takeover Battle for Sky in Weekend Auction
September 20 2018 - 5:47AM
Dow Jones News
By Ben Dummett
LONDON -- British regulators said Comcast Corp. and 21st Century
Fox Inc. will settle their takeover battle for Sky PLC via an
auction starting Friday, setting up a dramatic climax to a 21-month
sale process that has pitted some of the world's biggest media and
entertainment giants against each other.
The U.K. Takeover Panel said Thursday the auction would consist
of a maximum three rounds of bidding, starting Friday and ending
Saturday. The winning offer would be announced Saturday, the
British regulator said.
Auctions are unusual for corporate deal making, and extremely
rare for settling a takeover of a public company the size of Sky.
The British broadcaster has a market capitalization of more than
$35 billion, and a successful bid could likely top that.
The auction pits Rupert Murdoch's 21st Century Fox, which
already owns 39% of Sky, against Comcast. The Walt Disney Co. has
separately agreed to buy a big chunk of Fox, including its Sky
stake. That puts Disney and Fox on the same team in the weekend
auction.
(END) Dow Jones Newswires
September 20, 2018 05:32 ET (09:32 GMT)
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