BUZZ-Comcast's 'superior' offer for Sky is start of a competitive process - Jefferies

(Adds Jefferies comments, share movement)

** Comcast (Swiss: CMCSA.SW - news) offers $31 bln to buy European pay-TV group Sky (Frankfurt: 893517 - news) , which has already agreed to be acquired by Fox

** Comcast offers 12.50 pounds/SKY share, higher than the 10.75 pounds agreed by Fox.

** Comcast down 2 pct, FOXA flat and Walt Disney (Swiss: DIS-USD.SW - news) dips 0.5 pct premarket

** Liberum analysts do not see Fox or Disney getting into a bidding war, especially given the complications surrounding Sky (Amsterdam: BK8.AS - news) News

** However, Jefferies analyst Jerry Dellis views Comcast's 12.50 pounds cash offer as the start of a competitive process

** Dellis, rated 4/5 stars for recommendation accuracy on Sky, says Fox will more likely raise its offer well above 1250 pence

** "Likely DIS response, in our view, will be to table a direct offer to Sky shareholders" - Dellis

** Counter-bid from DIS would avoid regulatory complexities/delays in much the same way as Comcast approach, Dellis adds

** "Looks like a hostile approach with no agreements etc and stresses that it wants to meet SKY management," Investec (LSE: INVP.L - news) says

** "The key question is whether there is any further response from Disney and 21CF – our impression is that Disney does like the SKY assets in Europe, though it might decide it has enough to do in the US versus a contested European bid process," Investec adds (Reporting by Justin Varghese and Brijesh Patel)