Twenty-First Century Fox Inc. posted an official offer document and form of acceptance today for its offer to buy UK’s Sky, Reuters reports.
Fox, which already owns 39% of Sky, now intends to implement Sky’s acquisition by way of a takeover offer rather than a scheme of arrangement, as described in the Companies Act 2006, with the deal conditional on 75% or more Sky shareholders accepting the offer.
The deadline to set out a revised offer document is Sept. 22, Fox added.
Fox’s current offer still lags Comcast Corp’s higher per share bid, leaving the world’s biggest entertainment group in the lead of the long-winded takeover battle for the British pay-TV group.
In a separate announcement, Sky acknowledged Fox’s offer document and said its independent committee would respond to the offer within 14 days.
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Fox initiates Sky takeover
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