Equal treatment of shareholders is a central tenet of Britain’s takeover rules. To uphold that principle, UK regulators should force Walt Disney to make a higher offer to investors in Sky if it gains an influential stake in the satellite broadcaster from 21st Century Fox. Sky is already subject to a bid from Fox, which wants to buy the shares it doesn’t already own, plus a separate offer for the whole company from US broadcaster Comcast. The takeover panel said in April that, in certain circumstances, Disney should launch a bid for Sky, too. That backstop is taking on increasing significance. It is a byproduct of the deal Disney hatched in December to buy most of Fox’s assets, among them the 39% stake in Sky. The panel reckons this is a sign Disney wants to control Sky, hence it will require the US firm to make an offer for the UK broadcaster in the event that it inherits Fox’s holding (assuming, that is, the rival takeover bids haven’t already succeeded). A mandatory bid needs a va...
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