The UK takeover panel has ruled that Disney must make a mandatory offer for Sky after Disney completes the takeover of Fox and spin-off of certain businesses. Fox controls around 39 percent of Sky.
The panel concluded that securing control of Sky could be a driving force behind Disney's offer for Fox. The panel also decided that any Disney offer for Sky must be at GBP 10.75 in cash for each ordinary share, the same price offered by Fox to acquire the rest of Sky.
Disney will be required to make the offer within 28 days of completion of the Fox acquisition unless, by then, Fox has acquired 100 percent of Sky's ordinary shares, or Comcast or any other third party has acquired more than 50 percent of Sky. Comcast announced in February that it was considering making an offer for Sky. The Panel said that these rulings had been accepted by Disney, Fox and Sky.
Fox confirmed the statement, underlining that a bid by Disney would only occur after its takeover of Fox. Currently Fox expects this will not be needed, as its planned takeover of Sky should be completed before Disney completes the acquisition of Fox. The Sky takeover is still awaiting regulatory clearance.
