Sky auction can now start with Fox’s GBP 14 bid as ‘base’ – Odey
11 July 2018 - 12:00 am UTC
Fox’s [NASDAQ:FOX] increased offer for Sky [LON:SKY] is the start of a competitive bidding process for the UK company, Crispin Odey, a top minority shareholder in Sky, has said.
Comcast [NASDAQ:CMCSA] is expected to improve its GBP 12.50 per share offer for Sky and Disney [NYSE:DIS] may be compelled to do the same, Odey said.
“This is people sitting down before the auction starts. This is just Fox showing they have a paddle in their hand,” Odey said. “This is Disney versus Comcast essentially.”
The UK Takeover Panel is reviewing whether Disney should increase its mandatory offer to Sky’s independent shareholders after it raised its bid for Fox assets, including its 39% stake in the UK broadcaster.
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