Why bother... Why not have both takeovers happen at the same time.
The complexities of splitting 21CFox up alongside the acquisition of the non 21CFox owned Sky Shares would be a minefield. It has to be staged, notwithstanding the other interest of Comcast in the mix.
The fact Disney have offered to acquire Sky News ahead of a full takeover of Sky Plc gives some security to Sky News employees and maintains an alternative to BBC News for viewers.
Here the thing there could sell of the other 61% to other parties but when the times comes Disney get full control those other parties might not sell.
If the price is right, then they'll sell.
Also when takeovers happen there's a threshold, IIRC its 90%, whereby once the shareholding goes past that the remaining shareholders are forced to sell
1. 21CF bid for the rump of Sky and
2. the Disney takeover of the 21CF elements including Sky
would be heinously complex considering the multiple jurisdictions involved. It COULD be done if wholly within the UK, using schemes of arrangement but its not.
It would need an intermediary company, to protect the interests of the private holders, into which all of 21CF's Sky Shares were lodged and into which the privately held Sky Shares would go.
This company would then be recombined into 21CF once the transaction completes, then the Disney process could continue. Staging it is by far the simpler mechanism.
Some very big news has broke in the last hour about the FOX Networks UK office based in London. It has the been subject of a raid earlier today which has been carried out by European Commission watchdogs. It is expected that they will continue to carry out their search at those offices during tomorrow & Thursday. This looks really serious & kind of disturbing for 21CF if they want to take over Sky PLC in the UK in the future.
CNBC has included interesting information on this story. 21CF is known to be participating in a cartel on TV sports rights.
Quote:
Fox Networks Group said in a statement to CNBC that it is "cooperating fully with the EC inspection."
Reuters reported that the European Commission has confirmed it is conducting unannounced inspections of companies which distribute sports media rights. The commission said that affected companies may have violated antitrust rules that prohibit cartels.
Shares of Fox fell more than 1 percent in extended trading.