Independent directors waive preconditions on agreement

A British regulator approved 21st Century Fox’s proposed acquisition of Sky as the bidding war between Fox and Comcast over the European satellite broadcaster escalated.

With the approval of the U.K. Secretary of State for Digital, Culture, Media and Sports, Fox said in a statement that all regulatory preconditions to its acquisition have now been satisfied and waived. A committee of independent Sky directors waived the preconditions on their merger agreement, Fox said.

Fox is looking to acquire the 61% of Sky it does not already own. 

Comcast might still be standing in the way. After the close of trading on Wednesday (July 11), the cable company raised its bid for Sky to 14.75 British pounds sterling, or $34 billion.

That topped Fox’s latest bid, made Wednesday morning, for 14 pounds per share, or $32 billion. Fox’s new bid was 30% higher than its previous offer.