July 18, 2018 / 3:35 PM / 3 months ago

British M&A regulator to review level of possible Disney offer for Sky

LONDON (Reuters) - Britain’s takeover regulator said on Wednesday that it would review its ruling that Walt Disney (DIS.N) might have to acquire UK broadcaster Sky (SKYB.L) for at least 14 pounds a share.

FILE PHOTO: A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid

The Takeover Panel said its hearings committee would meet on July 27 to examine the regulator’s decision last week after “various interested parties affected by the ruling” asked for a review.

The Panel’s decision that Disney should make a mandatory offer of at least 14 pounds a share for Sky only applies if Disney’s offer for Twenty-First Century Fox (FOXA.O), which owns 39 percent of Sky, completes before either Fox or Comcast (CMCSA.O) succeed with their competing offers to take control of the British pay-television company.

Sky’s independent directors have recommended a 14.75 pounds a share offer made by Comcast last week that trumped a 14 pounds offer submitted by Fox.

Reporting by Ben Martin; Editing by Elaine Hardcastle

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