Comcast on Wednesday raised its cash offer for Sky to $34 billion, topping Twenty-First Century Fox’s latest bid.
Earlier Wednesday, Fox raised its offer to about $32.5 billion.
The two media giants have been in a bidding war for the British television group. Fox had originally reached a deal to buy the part of Sky it does not already own in December 2016. The Rupert Murdoch controlled company was widely expected to win regulatory approval in the U.K. this week.
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Read the announcement below:
Comcast Corporation Increases Superior Cash Offer for Sky plc
Comcast Corporation (Nasdaq: CMCSA) (“Comcast”) today published an announcement containing the terms of an increased superior cash offer for the entire issued and to be issued share capital of Sky to £14.75 per share (the “UK Increased Offer Announcement”). This implies a value of $34 billion (£26 billion) for the fully diluted share capital of Sky. Additionally, Comcast announced that its increased superior cash offer has been recommended by the Sky Independent Committee of Directors. Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast. Today’s announcement further underscores Comcast’s belief and its commitment to owning Sky.
Comcast 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.
The offer document containing full terms and conditions of Comcast’s recommended increased superior cash offer and the procedures for its acceptance will be published and posted shortly and will be available on Comcast’s website at www.cmcsa.com/proposal-for-sky.