Sky takeover: auction procedure between Comcast and 21^st Century Fox, on 22/09/2018

The US conglomerates Comcast and 21^st Century Fox, in competition for the acquisition of the British audiovisual group Sky, will use an auction procedure consisting of "a maximum of three rounds", on Saturday 22/09/2018, according to the "Takeover Panel", from the British regulation body The Panel On Takeovers and Mergers, on 20/09/2018. The "Takeover Panel" will have until 11/10/2018 to rule on the conformity of the offers.

The latest offers for the acquisition of Sky date from 11/07/2018. 21^st Century Fox, a 39.1% shareholder of Sky, made an offer at £14 (€15.84) per share, to acquire the remaining 60.9%, which valued Sky at $24.5bn (€27.7bn). Comcast outbid this offer a few hours later by offering £14.75 (£16.69) per share to buy 100% of Sky, or £25.9bn (€29.3bn).

"Comcast does not intend to pursue further the acquisition of the Twenty-First Century Fox assets and, instead, will focus on our recommended offer for Sky," said the US media conglomerate and cable operator, on 19/07/2018. The Walt Disney Company had reached an agreement with 21^st Century Fox to acquire 20^th Century…