If it isn’t resolved soon, the battle between Comcast and 21st Century Fox to acquire a majority share of Sky will head to a sealed bid auction, overseen by the UK Takeover Panel. Comcast recently extended its deadline, giving shareholders until October 6th to accept its offer, with Fox following suit shortly after.
Comcast, with its higher offer of £14.75 per share ($19.45), has been recommended by Sky’s board of directors, but so far, neither bidder has convinced even 1% of Sky’s shareholders.
Comcast has a fight on its hands — Fox already owns 39% of Sky, so it only needs to secure another 12% to gain a majority, but the company is currently offering a lower amount of £14 per share ($18.46). Comcast, on the other hand, needs to secure 51%, starting from nothing.
It has been suggested that Fox may up its offer soon, in order to secure the shares it needs. Comcast also recently faced off against Disney in a bid to acquire Fox but withdrew last month when Disney increased its offer.
Separately, Sky announced a deal with Netflix (Sky Q and Netflix Joins Forces for Ultimate On Demand Package)