Ashurst is advising Deutsche Bank in relation to the increased offer by 21st Century Fox for Sky plc, announced today. Deutsche Bank is acting as lead financial advisers to 21st Century Fox in relation to the proposed acquisition. Under the terms of the increased offer, 21st Century Fox will acquire the remaining 61% of shares in Sky that it and its affiliates do not already own. Ashurst also advised Deutsche Bank in relation to 21st Century Fox’s initial offer for Sky announced in December 2016.
21st Century Fox’s increased offer for Sky is in response to Comcast Corporation’s announcement of an offer for Sky on 25 April 2018, pursuant to which Sky shareholders would receive £12.50 in cash for each Sky share.
Under the terms of 21st Century Fox’s increased offer, Sky shareholders will receive £14.00 in cash for each Sky share, which implies a value of approximately £24.5 billion for the expected fully diluted ordinary share capital of Sky at completion (including the shares in Sky already owned by 21st Century Fox and its affiliates).
The Ashurst team is being led by corporate partner James Fletcher and finance partner Tim Rennie, assisted by finance senior associate Campbell Johnston and corporate associates Harry Thimont and Jake Hadfield. Corporate partner Robert Ogilvy Watson and consultant Adrian Clark are also advising on the transaction.
The original press release can be found here on Ashurst’s website.