Comcast has raised its offer for European pay-TV provider Sky, just beating an improved bid from Sky's largest shareholder 21st Century Fox. The new offer from Comcast is GBP 14.75 per share, valuing Sky at GBP 26 billion. That's up from Comcast's first offer in April of GBP 12.50 per share and 21CF's latest offer of GBP 14.
Sky's committee of independent directors has endorsed the offer as a superior bid to 21CF. The same as the latter's offer, Comcast's price includes Sky's final dividend for the year to June. Comcast already has debt financing in place for the takeover and said it will publish the full terms of the offer shortly for Sky shareholders. The company aims to complete the takeover by October, after already obtaining regulatory clearance in the EU, Austria, Germany and Italy.
21CF issued a statement noting Comcast's increased offer, but did not comment further.
