LONDON, UK / ACCESSWIRE / July 13, 2018 / If you want access to our free research report on Twenty-First Century Fox, Inc. (FOX), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FOX as the Company's latest news hit the wire. On July 11, 2018, the Company announced that it has increased its recommended pre-conditional cash offer to acquire British television broadcaster, Sky PLC, at a price of £14.00 for each Sky share. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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The price of £14.00 per Sky share represents a premium of 30.2% to the original Twenty-First Century Fox offer price of £10.75 per Sky share. The offer price also represents an increase of approximately 12% to the Comcast Corp. (CMCSA) offer price of £12.50 per Sky share announced on April 25, 2018.
Terms of the Increased Twenty-First Century Fox Offer
Sky's shareholders will be entitled to receive £14.00 in cash for each Sky share held. The increased price includes an amount in lieu of a final dividend in respect of the financial year ended June 30, 2018.
The acquisition will be implemented by means of a scheme of arrangement under applicable UK laws. However, Twenty-First Century Fox reserves the right to implement the acquisition by means of a takeover offer.
The acquisition remains subject to the approval of the UK Secretary of State, whose decision is likely to be announced by July 12, 2018.
The transaction is expected to close in Q3 2018.
Combined Twenty-First Century Fox and Sky will be a Powerful Driver for the Continued Growth and Vibrancy of United Kingdom
Commenting on the announcement, Twenty-First Century Fox stated that, as the founding shareholder of Sky, the Company has remained deeply committed to bringing these two organizations together to create a world-class business positioned to deliver the very best entertainment experiences well into the future. Twenty-First Century Fox strongly believes that a combined Twenty-First Century Fox and Sky will be a powerful driver for the continued growth and vibrancy of the UK and broader global creative industries. The enhanced scale and capabilities of the combination will enrich Sky's ability to continue on its mission for years to come, especially at a time of dynamic change in the industry.
Completion of the Sky Acquisition is not a Condition to Completion of the Disney Transaction
On June 20, 2018, Twenty-First Century Fox and Disney and certain of Disney's wholly-owned subsidiaries entered into an amended and restated merger agreement, pursuant to which Disney has agreed to acquire for a price of US$38.00 per Twenty-First Century Fox share, subject to certain adjustments, the same businesses Disney agreed to acquire under the previously announced merger agreement between Twenty-First Century Fox and Disney. The Disney transaction is subject to certain conditions precedent, including regulatory and shareholders' approval, and is expected to be completed within 6 to 12 months after June 20, 2018. The completion of the Sky acquisition is not a condition to completion of the Disney transaction.
Disney has provided its consent to the increased indebtedness that would be incurred by Twenty-First Century Fox as a result of the Increased Twenty-First Century Fox Offer. Also, in the event that the Disney transaction does not complete due to the failure to obtain regulatory approvals or certain other limited circumstances, Disney has agreed to reimburse Twenty-First Century Fox for an amount equal to the difference between the cash consideration of £14.00 and £13.00 for each share of Sky purchased by Twenty-First Century Fox pursuant to the Increased Twenty-First Century Fox Offer, plus any interest and fees on such amount.
Comcast's Offer of £12.50 per Share for Sky
In April 2018, Comcast made an official £22 billion bid for Sky. It offered £12.50, or $17.45, per share for the Company. The bid represented a premium of 16% on the last offer from Twenty-First Century Fox. As per reports, Comcast's deal valued Sky at £22.1 billion.
About Sky PLC
Established in 1990, Sky PLC is a pan-European British media and telecommunications Company headquartered in London. The Company has operations in the United Kingdom, Republic of Ireland, Germany, Austria, Italy, and Spain.
About Twenty-First Century Fox, Inc.
Headquartered in New York City, New York, Twenty-First Century Fox is a global portfolio of film and television studios, cable and broadcasting networks, content providers, and media properties that includes Twentieth Century Fox Films, Twentieth Century Fox Television, FOX, FOX Sports, Fox News Channel, FX, FXX, FS1, Fox Business Network, Fox Sports Network, National Geographic Channels, STAR India, YES Network, 28 local television stations in the US, and more than 300 channels that comprise Fox International Channels.
Stock Performance Snapshot
July 12, 2018 - At Thursday's closing bell, Twenty-First Century Fox's stock was marginally down 0.76%, ending the trading session at $47.04.
Volume traded for the day: 4.81 million shares, which was above the 3-month average volume of 4.37 million shares.
Stock performance in the last month - up 16.46%; previous three-month period - up 30.41%; past twelve-month period - up 66.16%; and year-to-date - up 37.87%
Price to Earnings (P/E) ratio was at 21.75.
The stock has a dividend yield of 0.77%.
The stock is part of the Services sector, categorized under the Entertainment - Diversified industry. This sector was up 0.8% at the end of the session.
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