Fox Says Board Will Review Comcast Offer - Multichannel

Fox Says Board Will Review Comcast Offer

No decision yet on whether to postpone July 10 meeting to approve Disney deal
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About an hour after Comcast announced its $65 billion all-cash offer for certain assets of 21 Century Fox, the programmer said its board of directors will review the new deal.

Comcast made good on its promise to make a formal offer for the Fox assets currently pledged to Disney, proposing a deal that values the assets at $35 per share, a 19% premium to the Disney offer.

“21st Century Fox remains subject to the Disney Merger Agreement. Consistent with the terms of this agreement and the fiduciary duties of the company’s directors, 21st Century Fox’s board, in consultation with its outside legal counsel and financial advisors, will carefully review and consider the Comcast proposal,” Fox said in a statement. “21st Century Fox has not yet made a determination, in light of Comcast’s proposal, as to whether it will postpone or adjourn the July 10, 2018 special meeting of stockholders to consider certain proposals related to the Disney Merger Agreement.”

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