21st Century Fox Issues Statement On U.K. Takeover Panel's Ruling

(RTTNews) - 21st Century Fox (FOX, FOXA) noted the announcement today by The Takeover Panel regarding the requirement for The Walt Disney Company (DIS) to make a mandatory offer, at a price of £10.75, to the holders of ordinary shares in Sky PLC (BSY.L, SKY.L) as a result of Fox's stake of approximately 39% in Sky.

Under the ruling, any mandatory offer by Disney would only be required after Disney's acquisition of 21st Century is completed, which 21CF currently expects to occur after completion of 21st Century's offer for Sky.

21st Century also noted that the ruling provides that an offer would not be required if 21CF has previously acquired the entire ordinary share capital of Sky and that the offer would be at a price of £10.75 per Sky share, the same price as 21CF's existing offer.

21st Century said it remains committed to its recommended cash offer for Sky announced on 15th December 2016, which is supported by revised remedies recently offered to the Competition and Markets Authority (CMA) with whom 21CF has been co-operating in order to bring the UK regulatory process to a swift and satisfactory conclusion.