LONDON – Shares in Sky PLC fell after 21st Century Fox increased its offer for the 61 percent of the United Kingdom pay-TV group that it doesn’t already own.
The GBP14 per share offer is well above the GBP12.50 a share in cash offered by Comcast for the whole group but well off Tuesday’s close – above GBP15 per share.
Mike van Dulken, head of research at Accendo Markets, said the fact that shares remain well above GBP14 suggests “the story might still have legs,” and investors may be speculating that Disney could come in with a yet-higher offer.
News Corp, the parent company of Dow Jones, and 21st Century Fox share common ownership.
Sky shares were down 1.3 percent at GBP14.825.