Fox Takes Disney’s Offer
The deal looks to be sealed and ready to close as Fox Accepts Disney’s biggest offer. Earlier this morning, The Walt Disney Company made an updated offer of $71.3 billion to purchase 21st Century Fox, topping the $65 billion bid from Comcast. Bloomberg now reports that Fox has accepted Disney’s proposal, making it the offer to beat in the bidding war. According to Bloomberg:
The $38-a-share price is about $10 a share higher than what Disney proposed in December — and $3 above Comcast’s bid from last week. Fox has accepted the offer, saying it provides more flexibility and other enhancements than the $65 billion Comcast deal.
This is not concrete yet. Disney’s new offer proves difficult beat. The offer comes with a $38-per-share stock price, which is about $10 more than the company offered in its initial bid late last year. Additionally, Disney’s offer comes with the agreement to take on Fox’s net debt, which increases the overall total of the transaction to $85.1 billion. Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company exclaims with confidence:
“The acquisition of 21st Century Fox will bring significant financial value to the shareholders of both companies, and after six months of integration planning we’re even more enthusiastic and confident in the strategic fit of the assets and the talent at Fox. At a time of dynamic change in the entertainment industry, the combination of Disney’s and Fox’s unparalleled collection of businesses and franchises will allow us to create more appealing high-quality content, expand our direct-to-consumer offerings and international presence, and deliver more personalized and compelling entertainment experiences to meet growing consumer demand around the world.”
I say lets see if we can start a GoFundMe Campaign to beat the bid. J/k. It seems the mouse indeed wants his cheese and is willing to do what it can for it. Comcast can still come back and put more on the table, but the chances of that are slim.