Comcast raises Sky offer to $34 bn
MUMBAI: After 21st Century Fox raised its cash offer for remaining stake of BSky to $32.5 billion (£24.5 billion), Comcast has retaliated by enhancing the cash offer for the entire Sky stake to £14.75 per share implying a valuation of $34 billion (£26 billion) for the fully diluted share capital of Sky.
Additionally, Comcast has announced that its increased superior cash offer has been recommended by the Sky Independent Committee of Directors. Comcast said that it has long admired Sky and believes it is an outstanding company and a great fit with Comcast. This announcement, the company said, further underscores its belief and its commitment to owning Sky.
Comcast added that it has committed financing available to satisfy the full cash consideration payable to Sky shareholders under the terms of the acquisition. Comcast has already received relevant regulatory approvals in the EU, Austria, Germany, Italy, and Jersey. Comcast expects to complete the acquisition before the end of October 2018.
Meanwhile, the UK Secretary of State for Digital, Culture, Media and Sport has approved the proposed acquisition by 21st Century Fox for Sky. The ball is now in Disney and Murdoch’s court following Comcast’s latest move.