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Fox buys more time for new Sky bid

Company filed paperwork which gives it several more weeks to produce a new offer

21st Century Fox now has until the 22nd of September to come up with an improved bid to take over Sky.

The company – which is looking to shut out another rival bid from Comcast – filed paperwork yesterday which buys it several more weeks to produce a new offer.

The decision also gives Disney more time to consider whether to raise its bid for Sky however.

By the end of Thursday, Fox was required to publish an “offer document” outlining its most recent bid for the pay-TV giant, which it valued at £14 per share or $32.5 billion.

Comcast’s counter offer values Sky at $34 billion. The current recommendation of Sky’s independent directors is reportedly to accept Comcast’s bid.