Fox's new offer, which is an all-cash offer, for the 61% of Sky it doesn't already own is approximately $32.5 billion, a 30 percent increase over its previous offer, which was made in December 2016.
Only this time, it's not Comcast standing in the Mouse House's way, but a shareholder named Robert Weiss, who recently filed a lawsuit to stop the historic Disney-Fox merger.
"It's too low", Odey, a former son-in-law of Murdoch whose eponymous hedge fund is a Sky shareholder, said of the sweetened Fox offer. Comcast's sweetened offer values Sky at £26 billion, or about $34 billion.
"Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast", Comcast said in a statement.
Sky shares fell as much as 2% as some investors had expected a higher counter fromFox, but are still trading above the latest Fox bid. "The enhanced scale and capabilities of the combination will enrich Sky's ability to continue on its mission for years to come, especially at a time of dynamic change in our industry".
The then Culture Secretary, Matt Hancock, said last month there would be no public interest concerns with a Comcast takeover of Sky.
The world's biggest entertainment company and owner of NBC and Universal Pictures gate-crashed Murdoch's bid for Sky in February.
Sky operates in Austria, Germany, Ireland and Italy as well as the U.K. It has 22.5 million customers, attracted by offerings such as English Premier League soccer and "Game of Thrones". A letter sent to employees by Lachlan and James Murdoch seemed to suggest they expect the deal with Disney to close within six to 12 months following the Department of Justice's conditional approval.
Comcast has said that Sky is very important because it could take the US -bound cable and internet giant into global markets.
"They're way behind the curve still", said Crispin Odey, founder of Odey Asset Management LLP, which owns shares of Sky.