UK Regulator Requiring Disney Bid for Sky as Part of Disney/Fox
The U.K. Takeover Panel ordered that a Disney buy of Fox must be followed by a Disney bid for Sky. It said Thursday the rationale is that for Disney, buying Sky might be "a significant purpose" of its bid for…
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Fox. The Takeover Panel also required that Disney bid at least $15.26 cash for each ordinary share of Sky. It said that price comes from Disney and Fox saying they attributed that price to the Fox shareholding in Sky. It said Disney, Fox and Sky signed off on the conditions. It said the Disney offer is mandatory within 28 days of closing on Fox unless Fox has purchased 100 percent of Sky, or Comcast or another third party has acquired at least 50 percent of Sky.