Comcast on Wednesday raised its cash offer for Sky to $34 billion, topping Twenty-First Century Fox’s latest bid.
Comcast said its upped bid has been recommended by the independent committee of Sky. The company also said the item has earmarked funds to fulfill the terms of the deal.
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 in December 2016 to buy the part of Sky the item does not already own. When the deal was first proposed, U.K. regulators expressed concerns in which the merger would certainly give Rupert Murdoch too much control over British television along with newspapers.
yet Fox was widely required to win regulatory approval for the deal This specific week.
Shares of Comcast rose about 0.4 percent in after-hours trading following the announcement. Fox shares edged about 0.3 percent lower post-market.
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 along with to be issued share capital of Sky to £14.75 per share (the “UK Increased Offer Announcement”). This specific implies a value of $34 billion (£26 billion) for the fully diluted share capital of Sky. Additionally, Comcast announced in which its increased superior cash offer has been recommended by the Sky Independent Committee of Directors. Comcast has long admired Sky along with believes the item is usually an outstanding company along which has a great fit with Comcast. Today’s announcement further underscores Comcast’s belief along with 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 inside the EU, Austria, Germany, Italy, along with Jersey. Comcast expects to complete the acquisition before the end of October 2018.
The offer document containing full terms along with conditions of Comcast’s recommended increased superior cash offer along with the procedures for its acceptance will be published along with posted shortly along with will be available on Comcast’s website at www.cmcsa.com/proposal-for-sky.
Disclosure: Comcast is usually the owner of NBCUniversal, parent company of CNBC along with CNBC.com.