UK Takeover panel sets Disney/Sky conditions

CREDIT Courtesy of Disney  Pixar

The UK Takeover Panel ruled that the Walt Disney Co would have to make a mandatory offer for Sky PLC after completing its proposed USD60.00 billion takeover of most the assets of Twenty-First Century Fox Inc, which now owns 39% of the pay-TV operator and has been trying to acquire the remainder.

"The basis for this ruling is that... the executive considers that securing control of Sky might reasonably be considered to be a significant objective of Disney's acquiring control of Fox".

Rupert Murdoch's Fox agreed an offer to buy all of Sky 17 months ago, but is still waiting approval.

Each of Disney, Fox and Sky has accepted these rulings.

Fox now owns 39 percent, but has offered to take over the remaining 61 percent to take full control.

The UK Takeover Panel said Disney must offer Sky shareholders £10.75 a share if competition authorities block Fox's takeover of the 61 per cent of Sky it does not already own.

Earlier this month, 21st Century Fox said the Walt Disney Company is interested in buying United Kingdom -based Sky News regardless of whether its $52.4 billion deal for certain Fox assets goes through.

Khloe Kardashian Gives Birth To Baby Girl!
Understandably, the extremely pregnant Khloe allegedly "went ballistic" when she found out about her boyfriend's cheating. The Keeping Up with the Kardashians star revealed that she was expecting a baby girl in January .

In a separate development, Tom Watson, the deputy leader of the Labour Party, said that Fox's potential involvement in a sports rights cartel should be taken into consideration by the regulators before they make a final decision on Mr Murdoch's takeover of Sky.

Fox's offer is under regulatory scrutiny of British regulators.

Disney argued that owning Sky was not a major driver of its overall Fox deal - which includes buying Hollywood studio 20th Century Fox - and so that rule should not apply.

The Murdoch family, which controls Fox, wants to consolidate their hold on Sky as traditional media firms, faced with new competitors such as Netflix and Amazon, look to combine content creation and distribution channels.

The three companies - Sky, Fox and Disney - signed a confidentiality agreement in March.

Sky shares rose 0.1 percent to 13.11 pounds at 1:15 p.m.in London.

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