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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)