Comcast Extends Takeover Bid Deadline for Sky Shareholders; 'Hefty Premium' Expected
Comcast is extending until Sept. 12 its deadline for Sky shareholders to weigh in on its bid for takeover, it said Wednesday. The original deadline was Wednesday, and it said that as of then it received acceptances representing 0.21 percent…
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of ordinary shares. The Diffusion Group analyst Rob Silvershein blogged that Comcast is likely to win in the bidding war with Disney but "whoever ends up with Sky will ultimately pay a hefty premium." He said the formal bid from Fox -- which Disney is buying -- earlier this month triggered a waiting period ending Sept. 22 in which either party can raise its price, and if by then there's not a clear winner, the next step is a five-day auction process to determine whose offer will be recommended to shareholders. He said Disney/Fox will likely raise its bid, and Comcast will "aggressively counter" and ultimately win because it needs Sky more than Disney does, and the premium Disney is paying for Fox limits Disney's ability to counter it.