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Fox posts offer document for Sky deal

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By Reuters
Fox posts offer document for Sky deal
FILE PHOTO: The 21st Century Fox logo is displayed outside the News Corporation building in the Manhattan borough of New York City, New York, U.S., June 15, 2018. REUTERS/Eduardo Munoz/File Photo GLOBAL BUSINESS WEEK AHEAD   -   Copyright  Eduardo Munoz(Reuters)

(Reuters) – Twenty-First Century Fox Inc <FOXA.O> on Tuesday posted an offer document and form of acceptance for its 14 pounds a share offer to buy UK’s Sky <SKYB.L> on Tuesday.

Fox 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 percent 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 <CMCSA.O> 14.75 pounds a 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.

(Reporting by Shashwat Awasthi in Bengaluru)