Drawn-out battle for control of Sky may end in rare auction to decide its fate
An auction is a rarely used process to settle a major takeover skirmish in the UK
London — The drawn-out battle for control of Sky Plc is likely to be settled in an abbreviated auction starting on Saturday, in a showdown to seal the fate of Europe’s biggest satellite broadcaster. An auction lasting as little as one day has emerged as the favoured structure to end the £26bn ($34bn) contest for the UK pay-TV company in talks between Britain’s Takeover Panel, Sky and the two bidders, 21st Century Fox and Comcast Corp, according to people familiar with the matter. The Takeover Panel’s standard procedures for an auction involve a five-day process. Details have yet to be finalised and they are still discussing whether to work with sealed or open bids, or a mix of the two, said the people, who asked not to be identified because the deliberations are private. The Takeover Panel is expected to announce the auction process as soon as Wednesday, one of the people said. Sky investors would then have until October 6 to decide which of the offers they want to tender their shar...
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