July 18, 2018 / 3:37 PM / a year ago

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

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

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.

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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