U.S. Markets close in 3 hrs 53 mins

Disney is close to winning the 21st Century Fox sweepstakes — but the bidding war may not be over just yet (DIS, CMCSA, FOXA)

Jacob Sonenshine
Rupert Murdoch

Reuters


  • The bidding war between Disney and Comcast over 21st Century Fox assets could have some juice left in it, according to Jefferies analyst John Janedis. 
  • Disney and 21st Century Fox agreed to a $71.3 billion deal Wednesday morning. 
  • The deal is reportedly close to receiving regulatory approval. 
  • Still, another Comcast counter-offer could value 21st Century Fox at $80 billion. 
  • Watch 21st Century Fox trade in real time here. 

Disney has beat Comcast in the 21st Century Fox sweepstakes — for now. 

Disney and 21st Century Fox agreed to a deal Wednesday morning that values 21st Century Fox at $71.3 billion, or $38 a share. The revised $71.3 billion bid topped Comcast's all-cash offer of $65 billion, and will allow 21st Century Fox shareholders to decide between receiving all cash or a mix of cash and stock. 

And Bloomberg reports the deal could receive regulatory approval within two weeks. Additionally, Disney CEO Bob Iger told analysts Wednesday morning, "We are already six months into the regulatory process and we are confident we have a clear and timely path to approval." 

But Jefferies analyst John Janedis is confident Comcast could counter yet again, with a bid as high as $80 billion. "Given the strategic importance of the 21st Century Fox assets, we expect Comcast will come back with a higher offer," he wrote in a note out to clients on Wednesday. 

"Given timing and regulatory risk that could lengthen a path to close, we believe the next counter offer from Comcast will be in the low $40 per share," he added. 

Shares of 21st Century Fox are up more than 7% Wednesday, and have gained about 40% this year. 

21st Century Fox

Markets Insider

NOW WATCH: How to survive a snake bite

See Also:

SEE ALSO: Trump says he'll sign order to stop separating families at the border