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S&P puts Twenty-First Century on watch
S&P said it placed the BBB+ corporate credit rating and BBB+ rating on Twenty-First Century Fox Inc. on CreditWatch with negative implications.
The action follows news that the company has reached an agreement in principle in relation to a possible offer to acquire all of the outstanding shares in Sky plc that it doesn't already own at a price of £10.75 per share, S&P said.
This could bring Fox's ownership to 100%, the agency said.
Although the announcement is non-binding and may not necessarily lead to a definite agreement, S&P said it believes there is a significant likelihood that a final agreement could be reached.
At the announced offer price of £10.75 per share, the total purchase price would be about $15.9 billion at current exchange rates, the agency said.
If the companies are unable to reach a definite agreement, S&P said it will remove the ratings from CreditWatch.
However, if the companies reach a definite agreement, the agency said it will finance the transaction and the combined company's long-term leverage prospects.
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