Walt Disney Co. on Oct. 5 commenced an exchange offer for any and all outstanding notes issued by 21st Century Fox America Inc. for up to about $18.13 billion of new notes and cash in connection with Disney's deal to acquire 21st Century Fox Inc. assets.

After deal closing, Disney and Fox will become direct wholly owned subsidiaries of New Disney, which will be renamed "The Walt Disney Co." concurrently with the mergers, according to a Form 8-K filed Oct. 5.

Under a revised $71.3 billion deal, Disney is offering $38 per share in the form of cash or stock, as compared to the original price of $28 per share.