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WALT DISNEY COMPANY (THE) (DIS)
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Takeover Panel Panel Statement regarding announcement by Disney

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12/14/2017 | 01:35pm CEST

TIDMSKY

RNS Number : 3902Z

Takeover Panel

14 December 2017

2017/23

the walt disney company ("disney")

Twenty-first century fox inc. ("21st CENTURY FOX")

sky plc ("sky")

The Panel Executive notes the announcement earlier today by Disney of its definitive agreement to acquire 21st Century Fox, after a spin-off of certain businesses (the "Acquisition"). That announcement does not alter 21st Century Fox's obligations under the Takeover Code with respect to its existing pre-conditional offer for Sky announced on 15 December 2016.

Separately, Disney has informed the Executive that it does not believe that completion of the Acquisition should trigger a mandatory bid obligation under Note 8 on Rule 9.1 of the Takeover Code (the "chain principle") upon Disney as a result of 21st Century Fox's stake of approximately 39% in Sky.

In accordance with its usual practice, the Executive will seek the views of the independent directors of Sky before reaching a determination on this issue.

A further announcement will be made in due course in relation to the chain principle.

14 December 2017

This information is provided by RNS

The company news service from the London Stock Exchange

END

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Stocks mentioned in the article
ChangeLast1st jan.
SKY -0.03% 1726 Delayed Quote.70.55%
TWENTY-FIRST CENTURY FOX -0.04% 45.81 Delayed Quote.31.83%
WALT DISNEY COMPANY (THE) -0.81% 116.18 Delayed Quote.5.52%
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Financials ($)
Sales 2018 58 862 M
EBIT 2018 14 800 M
Net income 2018 12 282 M
Debt 2018 25 813 M
Yield 2018 1,43%
P/E ratio 2018 14,39
P/E ratio 2019 15,89
EV / Sales 2018 3,40x
EV / Sales 2019 3,26x
Capitalization 174 B
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 119 $
Spread / Average Target 1,3%
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Managers
NameTitle
Robert A. Iger Chairman & Chief Executive Officer
Christine M. McCarthy Chief Financial Officer & Senior Executive VP
John S. Chen Independent Director
Aylwin B. Lewis Independent Director
Fred H. Langhammer Independent Director
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