Rupert Murdoch’s 21st Century Fox posted an offer document for its 14 pounds a share bid to buy Sky late yesterday evening, but did not raise its bid to top rival Comcast’s.
Fox officially submitted its £24.5bn offer for the media giant last night, which is still lower than Comcast’s £26bn offering.
Fox already owns a 39.1 per cent stake in Sky, and after submitting the document now has until 22 September to increase its offer under takeover rules.
Murdoch’s firm also made important adjustments to the make up of its offer – it will now takeover the company in a conventional manner rather than through a scheme of arrangement.
With the scheme of arrangement, Fox would have been required to win the approval of more than 75 per cent of shareholders in a court-backed process. But under a normal takeover offer, the process is quicker and Fox will only need approval from a majority of shareholders. CityAM Telegraph