The struggle for the telecommunication company Sky has been going on for about two years. Finally it turned out that Comcast Corp. and 21st Century Fox, the companies interested in the purchase of Sky, would go head-to-head at the auction.
The British Panel on Takeovers and Mergers announced that the auction would be held in 3 rounds and the applications could be submitted from that day. The event will end on Sunday.
The claimed amounts will remain a secret until the very end. If the last round takes place, it will be held as closed bids. Only the regulator will know their amounts.
In corporate transactions for the acquisition of companies such as Sky, auctions are not a typical solution; they are conducted only in rare cases.
The total capitalization of this TV operator is 35 billion US dollars and, apparently, the most successful proposal will be one that exceeds this amount.
At the moment, Fox, owned by Rupert Murdoch, has already got 39% of Sky. In the summer, Disney’s shareholders confirmed the acquisition of Fox’s assets, including a stake in Sky totaling 71 billion US dollars.
It was decided to auction as Fox and Comcast had arranged a real battle for Sky and began to interrupt each other’s proposals.
The opponents want to get a British operator because this will be an excellent opportunity for them to expand their presence abroad.
Sky is the largest TV operator in Austria, Britain, Germany and other European countries.
The last proposal was made by Comcast in July. It was almost $ 20 per share. The proposal of Fox was slightly lower, at about $ 18.5 per share.
At the moment, Sky’s securities are stable. On Thursday they were traded at 15.8 pounds per one share at the London Stock Exchange.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade