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Sky shareholders may seek higher offer from Fox

Sky plc should seek a higher offer from 21st Century Fox Inc. following the latter's about $52.4 billion deal with Walt Disney Co., Reuters reported, citing Sky shareholder and hedge fund manager Crispin Odey.

For Odey, Fox's £11.7 billion acquisition offer for the British company is an undervaluation now that Fox's 39% stake in Sky has become a part of the assets being sold to Disney.

The closing of the Fox-Sky deal is anticipated to take place in June 2018, given the deal receives regulatory approvals. This means the European company would be part of Fox's assets when the Fox-Disney deal reaches completion, the report said.

Polygon, another Sky investor, agreed with Odey saying that if Disney agreed to buy Sky from Fox, Sky shareholders are entitled to an increase in the £10.75 per share offered by Fox.

Disney would take Sky's 39% stake if the latter's deal with Fox fails, the report said.