Sep 22, 2018
Comcast outbids Fox for broadcaster Sky
US cable giant Comcast has submitted the winning bid in the auction for broadcaster Sky, valuing the company at more than £30bn. Comcast beat Rupert Murdoch's Fox in a rare blind auction process set by the UK's Takeover Panel. Sky's board are now expected to recommend the bid to shareholders before offer documents are sent out. Comcast's bid equated to £17.28 per share, beating Fox's £15.67 per share. Fox had looked set to take over the 61% of Sky it does not already own until Comcast topped its bid. In July, Fox raised its offer to £24.5bn, but this was trumped by a £26bn bid from Comcast.
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