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Fox shareholders to vote over $ 71 billion Disney bid economy in late July



The Time for Comcast's Chief Executive Officer Brian Roberts Has Faded

Now that a date has been set for the shareholders of 21st Century Fox, Walt Disney Co.'s $ 71.3 billion offer for its entertainment assets All eyes are on what Roberts will do next. Fox's special shareholders' meeting will be held at 10 am on July 27 at the New York Hilton in Midtown Manhattan, Disney said in a regulatory filing, adding that its shareholders will also consider the transaction.

Disney has obtained antitrust approval for its US Department of Commerce deal Wednesday, there is another advantage over Comcast, which also competes for the assets. The Fox board accepted Disney's sweeter bid last week for a fund of media owners ranging from "The Simpsons" to "X-Men," who favored its bid a second time over Comcast's interest.

Fox & # 39; s controlling shareholders, Rupert Murdoch and his family, can only vote for their 1

7 percent economic interest in a takeover vote because Class A and B shareholders have the same voting rights.

Fox initially agreed to sell the assets to Disney in a $ 52.4 billion deal in December, primarily because of concerns that cable TV would have greater difficulty obtaining regulatory approval. Comcast countered with a cash offer of $ 65 billion this month before Disney pledged its proposal to include cash and stock.

The strength of Disney's currency and the gentler regulatory path make it relatively easy for Fox's board to favor a Disney "without running the risk of jeopardizing their fiduciary duty to shareholders," analysts at MoffettNathanson said last week , "A Comcast bid for Fox carries far more regulatory risk than a bid by Disney," they said.

Roberts said he expected the Department of Justice to review its proposed takeover plan at the same rate it had decided on Disney's deal. And since Comcast is less present outside the US, the company expects it to easily get international approval. There should also be no review by the Federal Communications Commission, Comcast has said.


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