Fox now intends to implement Sky’s acquisition by way of a takeover offer rather than a scheme of arrangement, as described in the Companies Act 2006, with the deal conditional on 75 percent or more Sky shareholders accepting the offer.
The deadline to set out a revised offer document is Sept. 22, Fox added.
Fox’s current offer still lags Comcast Corp’s (CMCSA.O) 14.75 pounds a share bid, leaving the world’s biggest entertainment group in the lead of the long-winded takeover battle for the British pay-TV group.
In a separate announcement, Sky acknowledged Fox’s offer document and said its independent committee would respond to the offer within 14 days.
Reporting by Shashwat Awasthi in Bengaluru