“Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney,” the cable giant had previously said.
Comcast Corp. has made it official, unveiling an all-cash bid for large chunks of 21st Century Fox, valued at about $65 billion, trumping The Walt Disney Co.’s deal that was originally valued at $52.4 billion deal for the same parts of the conglomerate controlled by the Murdoch family.
Comcast says its bid is 19 percent higher than Disney’s, which would have put it at $62.4 billion, though Disney’s bid involved stock, which means the price it offered has risen a bit as Disney shares trended a bit higher.
Analysts had said that Tuesday afternoon’s court decision allowing telecom giant AT&T to acquire Time Warner was making a Fox bid from the cable giant, which owns NBCUniversal, likely. The bid disclosed on Wednesday is for $35 per share.
The formal bid is expected to lead to a bidding war with Disney. Under their deal, Fox has to share any superior bid with Disney and give it at least five business days to sweeten its offer.
READ THE REST OF THE STORY HERE AT HollywoodReporter.com