On Friday, Fox and Sky confirmed that a ‘possible offer’ of £18.5bn was agreed to ‘in principle’ by Fox and takeover target Sky, whipping up excitement that the hotly anticipated combination might soon be coming to fruition. The cash offer from Fox values Sky shares at £10.75 per unit, around 36 per cent higher than their closing price on Thursday 8th December. Fox currently owns 39.1 per cent of Sky, but is now angling for full ownership.
Lead advisors
A team from Allen & Overt led advice to 21st Century Fox on the offer, with antitrust co-head Antonio Bavasso, corporate partner David Broadley and M&A partners Seth Jones and Simon Toms leading the team. Meanwhile, a team from Herbert Smith Freehills acted as lead advisor to satellite broadcaster Sky under the guidance of the firm’s head of corporate Steven Wilkinson. Teams from Skadden, Arps, Slate, Meagher & Flom and Simpson, Thacher & Bartlett are also advising Fox on the matter.
Sources: Legal Business; Legal Week
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