Last week Comcast, the US's third-largest cable television operator, surprised the market by making a bid for QVC, in which it already has a 15 per cent stake, and so scuttling merger talks taking place between QVC and CBS.
Comcast's last-minute intervention provoked opposition from TCI, which owns a 20 per cent stake in QVC through an affiliate, Liberty Media. Yesterday's initiative strengthens Comcast's hand by bringing TCI in on its side, though Liberty Media said the move did not rule out other bids.
The first offer was for dollars 37 per QVC share in cash plus some preferred stock valued at dollars 7. The revised bid is still worth dollars 44 but is an all-cash offer.