Disney would have to pay at least £14 per share to take over Sky if it completes its purchase of 21st Century Fox before Fox or Comcast strikes a deal for the European pay giant.

Britain’s Takeover Panel has ruled that the Mouse House would need to pay £24.5B (US$32.5B) for the Bulletproof broadcaster in this scenario.

This is ahead of Fox’s most recent deal but below Comcast’s offer of £14.75 per share that it made earlier this week, which values Sky at $34B. Fox is expected to make a counter bid for Sky, which could come as early as next week, making this ruling somewhat redundant.

“The Executive has today ruled that, as a result of the increase in the terms of the acquisition announced on 20 June, the price at which the Chain Principle Offer must be made by Disney is £14 for each ordinary share in Sky. The Executive has determined this price by analyzing, among other matters, the relative contribution of Fox’s stake in Sky in the valuation work carried out by Disney’s financial advisers to support the fairness opinion prepared for the Disney board in June 2018 and by taking into account the increased offer announced by Fox, with the agreement of Disney, for Sky on 11 July,” the Takeover Panel noted.

There’s plenty more to come with all eyes on Osterley over the next few weeks.