By Adria Calatayud
The U.K. Takeover Panel said Thursday that Walt Disney Co.'s (>> Walt Disney Company (The)) has informed its executive that it doesn't believe the acquisition of 21st Century Fox Inc. (>> Twenty-First Century Fox) should trigger a mandatory bid obligation for Sky PLC (>> Sky).
The U.K. regulatory body said that Disney's announcement doesn't alter 21st Century Fox's obligations under the Takeover Code with respect to its existing offer for Sky.
21st Century Fox, which already owns a 39% stake in Sky, said last year that it intended to buy the remaining 61% in the British media company for 11.7 billion pounds ($15.62 billion) in a deal that is under the scrutiny of U.K. regulators.
The Takeover Panel said it will seek the views of the independent directors of Sky before deciding on the matter.
Shares in Sky at 1234 GMT were down 19 pence, or 1.9%, at 990 pence.
Write to Adria Calatayud at [email protected]