Disney Sets March 20 Closing Date For 21st Century Fox Acquisition

By Denise Petski, Dade Hayes


Disney has set a March 20 closing date for the acquisition of 21st Century Fox.

The date was included in a release in which Disney indicated that the company has received the last major approval for the deal from regulators in Mexico. According to Disney, 21st Century Fox shareholders will have until Thursday to choose the amount of cash and Disney stock to receive in the $71.3 billion transaction.

Disney said the acquisition is expected to become effective at 12:02 a.m. Eastern Time on March 20, 2019. 21st Century Fox shareholders will receive a mix of cash and stock valued at $38 a share in the deal.

The $71.3 billion price increased considerably from the $52.4 billion Fox had originally accepted in December 2017. Comcast, whose CEO, Brian Roberts, has never forgotten having his unsolicited offer for Disney spurned back in 2004, forced Disney to raise its bid when it came in with a higher offer for Fox. At the same time they were jockeying over the Fox assets, the companies were also battling for European pay-TV giant Sky, with Comcast ultimately prevailing in a $40 billion consolation prize once it bowed out of the Fox bidding.

This article was printed from https://deadline.com/2019/03/disney-sets-march-20-closing-date-for-21st-century-fox-acquisition-1202574146/