Disney ups Twenty-First Century Fox to more than $70.3B

21st Century Fox

21st Century Fox

As we reported yesterday, Disney increased its bid for 20th Century Fox and other Fox assets (National Geographic and FX, Star TV, stakes in Sky, Endemol Shine Group and Hulu as well as regional sports networks) to try and beat Comcast's $65 billion cash offer.

'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, ' he said in a statement. Comcast's was all cash while Disney's new offer of $38 per share is half cash and half stock.

Rupert Murdoch, executive chairman of 21st Century Fox, said Fox believes Disney's offer is better than Comcast's - but the company said it would consider bids from other companies, including a revised offer from Comcast. In December, Disney had offered $52.4 billion in stock. If 21st Century Fox completes its acquisition of the 61% of Sky it doesn't already own prior to closing of the Disney acquisition, Disney would assume full ownership of Sky, including the assumption of its outstanding debt, upon closing. However, if you were hoping to see a decision made soon, you won't, as a shareholder meeting to decide the matter has been pushed back to July 10...at least that's what CNN Money says. So just how high can the bidding war go?

The move comes after Comcast launched a rival offer for most of Fox's film and television holdings.

"Comcast would have to offer a ton more cash to even come close to matching when figuring Disney valuation and taxes", said Ross Gerber? of the investment firm Gerber Kawasaki.

'You have to take the children away'
Earlier, Mr Trump said on Twitter that people should be wary of what he called the cultural change caused by migrants in Europe. Trump, said Sunday: "She believes we need to be a country that follows all laws, but also a country that governs with heart".

The amended transaction is expected to be accretive to Disney earnings per share before the impact of purchase accounting for the second fiscal year after the close of the transaction, and to yield at least $2 billion in cost synergies by 2021 from operating efficiencies realized through the combination of businesses.

The move comes a week after Comcast, the US cable giant, offered $65bn in cash for the assets, which include 20th Century Fox - the Hollywood film studio behind hits such as Avatar, X-Men and Ice Age - US cable TV networks including FX and National Geographic and global pay television assets including Star TV in India.

Despite the sweetened offer, Fox's board said it retained the right to weigh competing bids.

Fox's share price was up 5% in the immediate aftermath of the announcement, while Comcast shares fell 0.5%.

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