21st Century Fox spikes after Disney raises its bid

Shares of 21st Century Fox are surging, up 7.45%, Wednesday morning after Disney raised its bid for the company's assets excluding Fox News and Fox Business. Disney shares are up about 1% on the news.

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.

The increased offer comes one week after Comcast crashed Disney's attempt to buy the assets with a $65 billion bid, following the US Justice Department's approval of AT&T's merger with Time Warner. Disney originally bid $28 a share back in December.

21st Century Fox is up 33.69% this year.

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