The UK’s takeover panel has confirmed that The Walt Disney Company (NYSE:DIS) may have to offer a minimum of 1,400p per share in a potential mandatory offer for the 61% stake in Sky PLC (LON:SKY).
The regulator said the media giant would only need to make such an offer for the FTSE 100 broadcaster if it completes a deal to buy TV and film assets from 21st Century Fox (NASDAQ:FOX) before Fox or rival Sky bidder Comcast (NASDAQ:CMCSA) succeed in taking control of the broadcaster.
READ: 21st Century Fox posts formal offer document for Sky takeover bid
The price is designed to reflect the current level of Fox’s bid for Sky at 1,400p, with Comcast’s bid currently the highest at 1,475p, valuing Sky at around £25.9bn.
Despite being the lower bidder, Fox issued a formal takeover offer for Sky at 1,400p at the start of August, the acceptance of which would be conditional on the approval of 75% of Sky’s shareholders.
In lunchtime trading Thursday, Sky shares were up 0.5% at 1,533.5p.