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Stockreport

How an obscure British rule — the 'chain principle' is changing Comcast's strategy for Fox and Sky [CNBC]

COMCAST (CMCSA)  More Company Research Source: CNBC
Last comcast earnings: 4/25 06:17 am Check Earnings Report
US:NASDAQ Investor Relations: cmcsa.com/investors
PDF Lionel Bonaventure | AFP | Getty Images We're likely entering the end-game scenario for Comcast and Disney's pursuit of Fox's assets. However, an obscure U.K. takeover rule called the chain principle has altered the bidding dynamic in what's become a game of three-dimensional chess. The U.K. has different rules around mergers and acquisitions than the U.S. One of these rules is a lesser-known guideline called the chain principle. The idea is that if a target company's ownership is split, and a would-be acquirer bids on one portion of the target, the implied value of the portion of the company that received the takeover offer must be carried over to fairly value the rest of the company. It's sort of like the transitive property of equality — if A=B and B=C then A=C. In this case, if Comcast tops Disney's June 20 bid for Fox's assets, it also affects its other outstanding bid for Sky — now valued at $34 billion. That's because part of the [Read more]

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