Comcast offers $40 billion for Sky, topping 21st Century Fox offer

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The US CABLE company Comcast Corp has made a £ 22 billion bid for the pay-TV group Sky, which strikes an already agreed takeover bid from Rupert Murdoch's Fox by 16 percent.

Comcast, who first proposed an offer of the same 12.50 pound-share price (A $ 23) in February, said it would continue to engage with Sky's independent directors in order to get a recommendation for their deal. 19659003] Comcast said its cash offer is to buy the remaining 61 percent of Sky, which it does not already own.

The group added that it plans to agree on a number of legally binding commitments on Sky and its investments in Great Britain, especially for Sky News, while also saying that it would commit to keeping the Group's Osterley headquarters at least five years.

The bid is not yet supported by the Sky Board, but Comcast said it was in talks with the Sky Independent Committee "in order to obtain a future recommendation on the acquisition."

Brian Roberts, Chairman and CEO of Comcast, said: "With its 23 million retail customers, leading positions in Britain, Italy and Germany, and its history of strong fine ncial performance, we see significant opportunities for growth by combining our businesses . "

" We also understand the role that Sky plays in British society and in customer lives, and we are determined to be responsible and trusted owners of Sky. "

Sky drew his recommendation on Fox- The deal returned after Comcast's offer but emphasized that both bids are "subject to prerequisites and there is no opportunity for offers at this time for shareholders."

It added that its independent committee will "operate fully" with both suitors.

Murdoch's 21st Century Fox said it was "considering its possibilities" but "remains committed to its recommended cash offer for Sky".

Fox already owns 39 percent of Sky and made an invitation to take full control of the group in December 2016.

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