“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.
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