According to a CNBC report, The Walt Disney Co. raised its offer for Twenty-First Century Fox (21CF)’s movie and TV assets to $71.3 billion. The new bid is for $38.00 a share, which rivals last week’s offer from Comcast Corp. for an all-cash $35.00 a share.
Disney and 21CF entered into a definitive agreement in December for Disney to acquire 21CF, including the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses, for approximately $52.4 billion in stock.
21CF executive chairman Rupert Murdoch and Disney CEO Robert Iger reportedly met the night before the new offer was submitted. The new bid grants Fox shareholders the ability to choose cash or stock.
“We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry,” said Murdoch in a statement this week.
21CF said its board hadn’t finished Comcast’s bid, and said that it could “result in a ‘Company Superior Proposal’ under the Disney Merger Agreement.” A spokesman for Comcast said it does not have a comment at this time.