Deals
Battle for Sky TV to Be Decided by One-Day Auction
- Three-round bidding for U.K. cable giant takes place Saturday
- If Fox’s bid prevails, Disney would inherit Murdoch’s Sky
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The drawn-out battle for control of Sky Plc between 21st Century Fox Inc. and Comcast Corp. will reach a climax this Saturday in a one-day auction that will settle who’s willing to pay the most for Europe’s biggest satellite carrier.
Britain’s Takeover Panel laid out the guidelines for an auction of as many as three rounds on Saturday. Sky investors will have about two weeks to decide to tender their shares to whichever offer they consider superior. Sky shares were little changed at 15.80 pounds at 2 p.m., giving the company a market value of 27 billion pounds ($35 billion).