The battle for control of satellite broadcaster Sky, between US rivals Comcast and Rupert Murdoch’s 21st Century Fox, will now be settled by an auction on Saturday, UK regulators have today stated.
Takeover Panel said that it was prepared to take the rare step of intervening in the battle for Sky by running an auction that lasts for a maximum of three rounds.
The process will start if neither Comcast nor Fox has admitted defeat in the fight for Sky by 1700 London time (1600 GMT) on Friday, the Panel added.
The auction will then take place on Saturday and will finish during the evening, when the regulator will announce the level of the bids submitted by the suitors.
The battle for Sky began in December 2016, when Murdoch’s Fox offered £10.75 for every share that Fox did not already own. Murdoch already has a 39 percent stake in the business.