Comcast Said to be Planning to Up its Offer to $41/Share After 21st Century Fox Accepts Disney’s Revised Bid

Twenty-First Century Fox (FOX, FOXA) shares jumped more than 7% intraday after Fox Business reported Comcast Corp. (CMCSA) is likely to raise its bid for 21st Century Fox’s (FOX, FOXA) assets to at least $41 per share.This comes as 21st Century Fox accepted Walt Disney’s (DIS) higher offer of $38 per share in a cash-and-stock deal.

Citing ‘banker talk,’ Fox Business said in its report Comcast is “plotting its next move” with a higher bid. Shares of 21st Century Fox touched their highest level ever on Wednesday.

Meanwhile, a separate report from Bloomberg said Wednesday, citing a person familiar with the matter, that Walt Disney is close to winning US antitrust approval for the takeover deal, creating a potentially insurmountable hurdle for Comcast.

Fox said in relation to Disney’s offer that the amended agreement offers a package of consideration, flexibility and deal certainty enhancements that is superior to the proposal made by the Comcast Corporation (CMCSA) on June 13.

Disney’s offer allows Fox stockholders to elect to receive their consideration, on a value equalized basis, in the form of cash or stock, subject to 50/50 proration. The collar on the stock consideration will ensure 21st Century Fox shareholders will receive a number of Disney shares equal to $38 in value if the average Disney stock price at closing is between $93.53 and $114.32.

But, even after accepting the new Disney deal, Fox has noted that it can still entertain other offers, if any arise.