August 7, 2018 / 5:51 PM / in 3 months

Fox posts offer document for Sky deal

The 21st Century Fox logo is displayed on the side of a building in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson

(Reuters) - Twenty-First Century Fox Inc on Tuesday posted an offer document and form of acceptance for its 14 pounds a share offer to buy UK’s Sky on Tuesday.

Fox now intends to implement Sky’s acquisition by way of a takeover offer rather than a scheme of arrangement, as described in the Companies Act 2006, with the deal conditional on 75 percent or more Sky shareholders accepting the offer.

The deadline to set out a revised offer document is Sept. 22, Fox added.

Fox’s current offer still lags Comcast Corp’s 14.75 pounds a share bid, leaving the world’s biggest entertainment group in the lead of the long-winded takeover battle for the British pay-TV group.

In a separate announcement, Sky acknowledged Fox’s offer document and said its independent committee would respond to the offer within 14 days.

Reporting by Shashwat Awasthi in Bengaluru

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