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UK Takeover Panel: Disney Doesn't Believe Fox Deal Triggers Bid for Sky

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12/14/2017 | 01:57pm CEST
   By Adria Calatayud 
 

The U.K. Takeover Panel said Thursday that Walt Disney Co.'s (>> Walt Disney Company (The)) has informed its executive that it doesn't believe the acquisition of 21st Century Fox Inc. (>> Twenty-First Century Fox) should trigger a mandatory bid obligation for Sky PLC (>> Sky).

The U.K. regulatory body said that Disney's announcement doesn't alter 21st Century Fox's obligations under the Takeover Code with respect to its existing offer for Sky.

21st Century Fox, which already owns a 39% stake in Sky, said last year that it intended to buy the remaining 61% in the British media company for 11.7 billion pounds ($15.62 billion) in a deal that is under the scrutiny of U.K. regulators.

The Takeover Panel said it will seek the views of the independent directors of Sky before deciding on the matter.

Shares in Sky at 1234 GMT were down 19 pence, or 1.9%, at 990 pence.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

Stocks mentioned in the article : Walt Disney Company (The), Twenty-First Century Fox, Sky
Stocks mentioned in the article
ChangeLast1st jan.
SKY -0.17% 1726 Delayed Quote.70.55%
TWENTY-FIRST CENTURY FOX -0.26% 45.72 Delayed Quote.31.83%
WALT DISNEY COMPANY (THE) -0.53% 118.27 Delayed Quote.5.52%
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Financials ($)
Sales 2018 58 858 M
EBIT 2018 14 724 M
Net income 2018 12 282 M
Debt 2018 25 813 M
Yield 2018 1,41%
P/E ratio 2018 14,61
P/E ratio 2019 16,13
EV / Sales 2018 3,44x
EV / Sales 2019 3,30x
Capitalization 177 B
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Technical analysis trends WALT DISNEY COMPANY (THE)
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 120 $
Spread / Average Target 0,76%
EPS Revisions
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
Sector and Competitors
1st jan.Capitalization (M$)
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LIBERTY MEDIA FORMULA ONE-4.03%23 173
CBS CORPORATION-7.86%21 130