LONDON (ShareCast) - (Sharecast News) - The battle for Sky stepped up a notch late on Wednesday after US media giant Comcast raised its bid for the London-listed broadcaster.
Comcast increased its bid to £14.75 per share from a previous offer of £12.50, trumping the sweetened £14 per share bid from 21st Century Fox.

The company said that the offer, which implies a valuation of £26bn, has been recommended by Sky's Independent Committee of directors.

"Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast. Today's announcement further underscores Comcast's belief and its commitment to owning Sky," it said.

The group has committed financing available to satisfy the full cash consideration payable to Sky shareholders under the terms of the acquisition. It has already received relevant regulatory approvals in the EU, Austria, Germany, Italy, and Jersey and expects to complete the deal before the end of October.

The improved offer came just hours after Rupert Murdoch's 21st Century Fox upped its offer for the Sky shares it does not already own to £14 per share.

Fox is the founding shareholder in Sky and currently owns approximately 39.1% of the shares.

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