Disney Forced Into Takeover Offer for Sky If Fox's Bid Fails

UK takeover panel rules Disney must offer to buy all of Sky

Disney would have to offer at least 10.75 pounds per Sky share upon completing its $52.4 billion acquisition of most of Fox's media and entertainment assets, the U.K. Takeover Panel said Thursday in a statement.

Rupert Murdoch's Fox agreed an offer to buy all of Sky 17 months ago, but is still waiting approval.

Meanwhile, it is awaiting the outcome of the United Kingdom competition regulator's verdict on whether to allow Murdoch to buy the 61% of Sky he does not already own - a deal that was well in train before the Disney transaction.

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It was the first time Madrid was down 3-0 in the Champions League since losing 4-0 at Liverpool in the round of 16 in 2008-09. Buffon rushed toward Oliver immediately after the call and quickly got into his face to complain, prompting the red card.

Fox now owns 39 percent, but has offered to take over the remaining 61 percent to take full control. However, it also means they have a likely bidder for the business and a price floor should the Fox takeover be blocked by United Kingdom regulators and if Comcast doesn't formalise its proposed £12.50 per share offer for Sky.

Today, UK authorities said Disney would not have to make the mandatory offer in one of two eventualities: if the CMA waves through the Murdoch takeover, or if Comcast's approach is firmed up and accepted by Sky shareholders.

Sky said it noted the ruling, and it advised shareholders to take no further action at this time. Culture Secretary Matt Hancock will consider the regulator's ruling and make a final decision on the Fox-Sky deal by mid-June.

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Fox proposed create a independent and separately run company for Sky News. Comcast's approach would see Sky shareholder's receive £12.50 a share, a significant premium to Murdoch's offer.

"It's very good news", said Crispin Odey, founder of hedge fund manager Odey Asset Management, which owns a 0.8 percent stake in Sky.

The Competition and Markets Authority (CMA) provisionally ruled in January the takeover "may be expected" to act against the public interest because it would concentrate too much influence over the United Kingdom media industry in the hands of the Murdoch Family Trust (MFT).

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Shares in Sky were trading marginally lower at 1,310.50 pence Thursday morning in London.

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