July 9, 2018 / 6:25 PM / 4 months ago

Fox preparing to top Comcast offer for Sky - FT

FILE PHOTO: The 21st Century Fox logo is displayed on the side of a building in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson/File Photo

(Reuters) - Twenty-First Century Fox Inc is preparing a new bid for Sky Plc that values it at about 25 billion pounds to top the offer it has received from Comcast Corp, the Financial Times reported on Monday.

Fox’s offer is expected to be at a premium to Comcast’s most recent bid of 12.50 pounds per share, the Financial Times reported, citing two people briefed on the matter.

The company could make the new offer as soon as this week if its earlier bid for Sky is formally approved by the UK government, according to the report.

Rupert Murdoch’s Fox had initially launched a 10.75 pound-a-share bid to buy all of Sky in December 2016.

Fox declined to comment.

Reporting by Arjun Panchadar in Bengaluru; Editing by Shounak Dasgupta

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