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Disney has set March 20 as the closing date for its acquisition of 21st Century Fox.
Disney announced the formal closing process Tuesday morning, indicating that the company has received the last major approval for the deal from regulators in Mexico. Disney said current 21st Century Fox shareholders will have until 5 p.m. ET Thursday to choose the amount of cash and Disney stock to receive in the $71.3 billion transaction.
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Disney said it expects the historic union of two of Hollywood’s pioneering studios to “become effective at 12:02 a.m. Eastern time on March 20.” The completion of the Disney-21st Century Fox deal also signals the emergence on March 19 of Fox Corporation, the new entity to emerge from the 21st Century Fox assets that Disney is not buying. Disney is also assuming about $13.8 billion in net debt from 21st Century Fox.
21st Century Fox shareholders will receive a mix of cash and stock valued at $38 a share in the Disney deal. Disney said last year when it announced the revised deal with Fox — after Comcast made an unsolicited run at 21st Century Fox — that it expects to pay about $35.7 billion in cash and issue 343 million new Disney shares to finance the transaction.
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Disney put a stock collar provision in the deal to adjust the stock exchange ratio higher if Disney’s share price dropped below $93.53 at the time or lower if Disney shares surpassed $114.32 at the time of the deal...
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