Comcast parries Rupert Murdoch's Sky bid with £26bn offer
Comcast’s £14.75p a share offer comes within hours of Murdoch making a new £14 a share offer valuing Sky at £24.5bn.
Murdoch moved to up his original bid – of £10.75p a share – ahead of the culture secretary, Jeremy Wright, finally clearing the bid on Thursday.
Murdoch is aiming to takeover the 61% of Sky he doesn’t already own through 21st Century Fox, which owns assets including the Hollywood studio behind films including X-Men and Deadpool.
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Rupert Murdoch
Comcast’s first £12.50 a share offer, valuing Sky at £22bn, resulted in Sky’s independent committee recommending shareholders reject Murdoch’s original £10.75 deal tabled in December 2016. His new offer made on Wednesday, at £14.00 a share, once again won over Sky’s independent directors who recommended the new £24.5bn deal.
However, Comcast’s new offer, more than 5% over Murdoch’s latest deal, has won the recommendation of Sky’s independent committee.
“We are please to be announcing a recommended increased offer for Sky today,” said Brian Roberts, chief executive of Comcast. “We have long admired Sky, which we believe is an outstanding company and a great fit with Comcast. We will be posting our offer document to Sky shareholders shortly.”
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Martin Gilbert, deputy chairman of Sky, said that Comcast’s offer represent an “attractive premium to the current alternative offer”.
“We have long recognised the unique position that Sky occupies,” said Gilbert. “And unanimously recommend this offer by Comcast.