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COMCAST CORPORATION

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Comcast says Sky shareholders have until October 6 to accept offer

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09/12/2018 | 01:25pm EST
The Comcast NBC logo is shown on a building in Los Angeles, California

(Reuters) - Comcast Corp's bid of 14.75 pounds for each Sky share will now remain open for acceptance until early October, the U.S. cable giant said on Wednesday, adding that it has received valid acceptances for shares representing 0.29 percent of Sky Plc to date.

London-based Sky has been at the center of a bidding war, which points to a bigger battle in the entertainment industry as media giants splash out tens of billions of dollars on deals to be able to compete with Netflix Inc and Amazon.com Inc.

Comcast, the world's biggest entertainment group, had countered Rupert Murdoch-controlled Fox's raised offer for Sky in July - within just a few hours - with an offer that valued London-listed Sky at $34 billion.

Nasdaq-listed Comcast said on Wednesday that Sky shareholders now have until Oct. 6 to accept its offer and the valid acceptances rose slightly to 0.29 percent from 0.21 percent reported in August.

Shares in Sky, which is 39 percent owned by Fox, have roughly doubled to 15.45 pounds from the 7.81 pounds they were trading at when Fox offered to buy the rest of the company in December, 2016.

Comcast's current offer, higher than Fox's 14 pound-a-share bid, has been recommended to shareholders by Sky's independent directors.

Fox currently has just ten days from now to trump Comcast's offer for Sky under British takeover rules.

(Reporting by Muvija M and Justin George Varghese in Bengaluru; Editing by Elaine Hardcastle)

Stocks mentioned in the article
ChangeLast1st jan.
COMCAST CORPORATION 1.37% 37.77 Delayed Quote.10.93%
SKY 0.09% 1727.5 Delayed Quote.70.70%
TWENTY-FIRST CENTURY FOX 0.80% 50.4 Delayed Quote.4.74%
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Financials ($)
Sales 2019 112 B
EBIT 2019 21 341 M
Net income 2019 12 416 M
Debt 2019 96 785 M
Yield 2019 2,21%
P/E ratio 2019 13,97
P/E ratio 2020 12,29
EV / Sales 2019 2,39x
EV / Sales 2020 2,19x
Capitalization 171 B
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 44,2 $
Spread / Average Target 17%
EPS Revisions
Managers
NameTitle
Brian L. Roberts Chairman, President & Chief Executive Officer
Michael J. Cavanagh Chief Financial Officer & Senior Executive VP
Kenneth J. Bacon Independent Director
Sheldon M. Bonovitz Director
Jeffrey A. Honickman Independent Director
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