An offer of £24.5 billion tabled by 21st Century Fox yesterday to take control of Sky was trumped late last night by a counterbid from the rival Comcast in a further escalation of the takeover battle for the European pay-TV group.
But Fox may still face further competition from US cable giant Comcast which submitted its own bid for Sky in February, valuing the pan European group at 12.50 pounds per share.
Fox could face further competition from the U.S. cable giant Comcast, however, after it forced Sky's independent directors to drop their previous backing for Fox with an unexpected £12.50-a-share bid for the group in February.
"It's too low", Odey, a former son-in-law of Murdoch whose eponymous hedge fund is a Sky shareholder, said of the sweetened Fox offer.
21st Century Fox has increased its bid to acquire the 61% of the hotly-contested Sky that it does not now own.
Sky has become a pawn in a much larger struggle between Comcast and Disney (DIS), which are locked in a bidding war for most of Fox, including its existing stake in Sky.
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Currently, Comcast's $29 billion bid has been accepted by United Kingdom regulators without conditions.
Sky's independent committee said Wednesday Fox's new bid "represents a substantial increase in value relative to the Comcast offer", and it will "unanimously recommend" the offer to Sky shareholders, according to the Financial Times.
The world's biggest entertainment company and owner of NBC and Universal Pictures gate-crashed Murdoch's bid for Sky in February.
"We have long recognised the unique position that Sky occupies", said Gilbert.
"Today's Fox bid is unlikely to be the end game as we see a final Sky deal outcome at well over 15 pounds per share", said managing partner Michael Wegener.
Another wrench has been thrown in the ongoing saga of the Disney Fox deal. Of the assets he's seeking to acquire from Fox, Disney chief executive officer Bob Iger called Sky "a real crown jewel".