Twenty-First Century Fox Inc. said on Monday that the acceptance period for the bid of £14 per share in Sky Plc would be extended, while the deadline set by Britain's Panel on Takeovers and Mergers for an improvement in the offer to the "best and final" level is expiring on September 22. The decision comes after support for the £24.5 billion cash takeover deal was expressed by holders of only 0.07% of the equity package.
The rival bid by Comcast Corp., worth £14.75 per share, won the acceptance for 0.29% of capital, according to the latest update. The Takeover Panel may opt to demand sealed offers, a so-called blind auction, in an attempt to break the stalemate, according to a recent media report, which quoted unnamed sources. Fox, run by the family of Rupert Murdoch, is aiming to acquire the 61% of the media company that it doesn't yet own, while the minority stake is shared with News Corp. Comcast's offer is also open until October 6.
