Fox ups bid for Sky to 12% over Comcast offer

Rupert Murdoch's 20th Century Fox has taken the lead in the bidding war for Sky with an offer that values the whole company at £24.5 billion.

Sky: Fox increases bid
Sky: Fox increases bid

The £14-per-share cash offer is 12% higher than the £12.50-per-share cash offer made by US cable company Comcast on 25 April this year.

Fox’s offer is conditional on the approval of the UK government, which is expected to become clear by the end of tomorrow (12 July), for its undertakings to sell Sky News upon completion of the acquisition.

The bid has been unanimously recommended to shareholders by Sky's independent committee. 

Comcast is expected to return with a new bid in the near future.