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Disney raises bid to $71.3b to acquire Fox

Monitoring Desk

NEW YORK: The Walt Disney Company announced Wednesday it reached an agreement to buy 21st Century Fox for $71.3 billion. Disney said in a statement it signed an amended acquisition agreement with Fox for $38 per share in cash and stock.

Fox shareholders can choose to receive $38 in cash for each of their Fox stock, or select to own shares of Disney, according to the statement. Disney offered $28 for Fox shares in a deal worth $52.4 billion in December and said it could sweeten the deal if there was a rival offer.

That offer came last week when the world’s biggest cable TV company, Comcast, offered $65 billion for Fox.

Fox said in a statement Wednesday that Disney’s agreement offers “flexibility” and it is “superior” compared to Comcast’s proposal.

Disney shares rose 1.3 percent at the opening bell Wednesday of the stock exchange. Shares of Fox jumped 6.1 percent.

 

 

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