Comcast tops Fox with $38.8 billion offer for Sky

The battle for ownership of British broadcaster Sky ended on Saturday with Comcast outbidding 21st Century Fox with a $38.8 billion bid through a U.K. auction.

Comcast’s offer of about £17.28 per share beat Fox’s highest bid of £15.67 in a three round bidding battle that began on Friday. The results were announced by The Takeover Panel.

Following the auction 21st Century Fox, which owns 39% of Sky, said they are “considering  options” regarding their share.

“We note the increased cash offer for the fully diluted share capital of Sky by Comcast, and that it has been recommended by the Independent Committee of Sky,” 21st Century Fox said in a statement. “Sky is a remarkable story and we are proud to have played such a significant role in building the incredible value reflected today in Comcast’s offer.”

It is unusual for an auction to be used for a corporate deal and is rare for settling a takeover of a public company the size of Sky, which has a market capitalization of more than $35 billion.

The auction pitted Rupert Murdoch's 21st Century Fox, which owns 39% of Sky, against Comcast and CEO Brian Roberts.

The Walt Disney company is buying Fox’s entertainment assets for $71 billion.

21st Century Fox is the parent company of FOX Business and Fox News.

This article was originally published on 9/20/18 and updated on 9/22/18.

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