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Disney must offer £14 a share for Sky, says UK’s takeover body

The UK’s Takeover Panel has confirmed that Disney must offer at least £14 a share for Sky if its upcoming acquisition of Fox assets is completed.

If Disney completes a deal to by 21st Century Fox’s TV and film assets, which includes a 39% stake in Sky, it will be forced to make an offer of at least £14.

The price is designed to reflect the level of the offer Disney is making for Fox. It also competes with Sky’s other two bidders Comcast, which has offered £14.75, and Fox which has offered £14.

Fox has filed papers that would allow it to make an increased offer over coming weeks if it chooses to do so. The deadline to make a higher bid is September 22.

Comcast dropped out of a bidding war with Disney over Fox assets in July, setting its sights firmly on a Sky acquisition.