Walt Disney raises bid for Fox assets to US$38 per share
The 21st Century Fox logo is displayed outside the News Corporation building in the Manhattan borough of New York City, New York, U.S., June 15, 2018. REUTERS/Eduardo Munoz
REUTERS: Twenty-First Century Fox Inc said on Wednesday that Walt Disney Co has raised its offer for Fox assets to US$38 per share, topping Comcast Corp's US$35 a share offer last week.The new Disney offer, which would be in cash or stock divided proportionately, is about US$10 higher than Disney's first bid in December 2017.
Disney's latest offer is "superior" to the proposal made by Comcast, Fox said in a statement.Fox shares rose 5.4 percent to US$47.11 in premarket trading, while Comcast was marginally lower. Shares of Disney rose 1.3 percent at US$107.50.Fox said it will postpone its special shareholders meeting in order to provide stockholders the opportunity to evaluate Disney's amended offer.Disney and Comcast are battling to win Fox's movie and television studios at a time when legacy media and distribution companies are looking to expand to better compete with younger media firms like Netflix Inc NFLX.O that sell their content directly to customers.
(Reporting by Sheila Dang in New York and Munsif Vengattil in Bengaluru; Editing by Saumyadeb Chakrabarty and Jeffrey Benkoe)
Source : http://www.channelnewsasia.com/news/business/walt-disney-raises-bid-for-fox-assets-to-us-38-per-share-10452442