Rare quick-fire auction could settle fate of broadcaster Sky [Reuters (UK)]
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Source: Reuters
Rare quick-fire auction could settle fate of broadcaster Sky | Reuters 4 Min Read LONDON (Reuters) - A protracted $34 billion (25.66 billion pounds) bidding war for European broadcaster Sky ( SKYB.L ) between U.S. rivals Comcast ( CMCSA.O ) and Twenty-First Century Fox ( FOXA.O ) could be settled by a quick-fire auction on Saturday, UK regulators said on Thursday. Britain’s Takeover Panel said that it was prepared to take the rare step of intervening in the battle for Sky by running an auction that lasts for a maximum of three rounds. The process will start if neither Comcast nor Fox have admitted defeat in the fight for Sky by 1700 London time (1600 GMT) on Friday, the Panel said. The auction will then take place on Saturday and will finish during the evening, when the regulator will announce the level of the bids submitted by the suitors. It would mark a dramatic resolution of Sky’s fate, which has been up in the air ever since Fox made its first bid for the 61 percent of Sky
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