Disney raises bid for Fox assets to USD 71.3 billion

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Walt Disney Co. raised its bid for Twenty-First Century Fox’s assets to USD 71.3 billion, the companies announced in a press release today. This way, it exceeds Comcast’s USD 65 billion all-cash offer.
The new offer is USD 38 a share, this is, USD 10 higher than Disney’s first bid in December 2017. Comcast’s last bid was for USD 35 a share in cash, reports Reuters. The 21st Century Fox businesses to be acquired by Disney remain the same as under the original agreement.
Fox said Disney’s offer is “superior” to the proposal made by Comcast. The media group also said that it will postpone its special shareholders meeting in order to provide stockholders with an opportunity to evaluate Disney’s amended offer.
“We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry,” said Rupert Murdoch, Executive Chairman of 21st Century Fox. “We remain convinced that the combination of 21CF‘s iconic assets, brands and franchises with Disney‘s will create one of the greatest, most innovative companies in the world.“ The deal includes the movie studios, international pay TV businesses and the stake in Hulu, among others.