Comcast Corporation has upped its bid to acquire Sky, offering £14.75 per share, for a total value of $34 billion.
The move comes after Fox upped its offer to £14 per Sky share, an increase of 30 percent on the original £10.75 price and an increase of 12 percent on Comcast’s £12.50 offer. The price of £14.75 per Sky share represents a premium of approximately 5.4 percent to the latest 21st Century Fox offer.
“Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast,” the company said in a statement. “Today’s announcement further underscores Comcast’s belief and its commitment to owning Sky.
Commenting on the increased offer, Martin Gilbert, deputy chairman of Sky, said, “The Independent Committee welcomes this increased offer which presents an attractive premium for Sky shareholders to the current alternative offer for the company. We have long recognized the unique position that Sky occupies in the European direct-to-consumer landscape and unanimously recommend this offer by Comcast.”