By Adria Calatayud

The U.K. Takeover Panel said Friday that Walt Disney Co. (DIS) must make an offer of 14 pounds ($18.4) a share for Sky PLC (SKY.LN) if it buys 21st Century Fox Inc.'s (FOX) entertainment assets.

In April, the regulatory body said Disney's mandatory offer for Sky would be priced at GBP10.50 a share. However, the price has been increased in light of Disney's sweetened offer for the Fox entertainment assets, which include a 39% stake in Sky, the panel said.

Fox agreed to sell most of its assets, including the 39% stake in Sky, to Disney for $71.3 billion on June 20.

The mandatory GBP14-a-share offer won't apply if either Fox acquires 100% of Sky, or if Comcast Corp. (CMCSA) or another third party buys more than 50% of the British pay-TV group by the time the deal between Disney and Fox is completed.

The panel said it has been informed by Sky that the British pay-TV group intends to request a hearing to review the ruling. Disney and Fox are considering their positions, the panel said.

Earlier this week, Comcast made an offer for all of Sky at GBP14.75 a share, valuing the company at GBP25.9 billion.

Sky is 39%-owned by Fox, which shares common ownership with News Corp. (NWS), the parent company of Dow Jones.

Read more about the Sky takeover at https://on.wsj.com/2JhQx1C (WSJ paywall) or https://bit.ly/2usY3RU (NewsPlus).

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

July 13, 2018 06:28 ET (10:28 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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