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Mickey Mouse Wriggles Out of His Takeover Chains

Chris Hughes
Mickey Mouse Wriggles Out of His Takeover Chains

On Friday, the Takeover Panel prompted more controversy over an arcane rule and its application to the battle for Sky Plc. Walt Disney Co. would acquire a 39 percent holding in the British satellite broadcaster because of its deal to buy the entertainment assets of Rupert Murdoch's Twenty-First Century Fox Inc. The thinking is that Disney's offer for the Fox package includes a bid for the Sky stake – one that all Sky shareholders deserve, not just those of Fox. In April, the panel said Disney should pay 10.75 pounds a share for Sky if the Fox takeover proceeds.

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