21st Century Fox increased its offer for European pay-TV station Sky to $32.5 billion.
Fox’s new bid is now higher than the competing bid from Comcast, who outbid Fox's original offer weeks ago.
The agreement, unveiled Wednesday morning in London, includes an increased recommended pre-conditional cash offer for the fully diluted share capital of Sky which 21CF and its affiliates do not already own at a price of £14 per share of Sky (or $18.55 USD).
The acquisition remains subject to the approval of the Secretary of State in the U.K, who will announce his final decision by July 12.
Under the terms of the Increased 21CF Offer, Sky shareholders will be entitled to receive for each Sky share in cash. The increased price includes an amount in lieu of a final dividend in respect of the financial year, which ended June 30.
On Wednesday night, Comcast has counter-offered with a bid of £26 billion ($34 billion USD), or £14.75 ($19.48) per share, according to The Hollywood Reporter.