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    21st Century Fox tables takeover bid for Sky PLC

    This is a discussion on 21st Century Fox tables takeover bid for Sky PLC within the Sky news and announcements forums, part of the SkyUser Announcements category; US media company 21st Century Fox has tabled a takeover bid for Sky PLC. "The Independent Directors of Sky PLC ...

    1. #1
      lettice's Avatar
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      21st Century Fox tables takeover bid for Sky PLC

      US media company 21st Century Fox has tabled a takeover bid for Sky PLC.

      "The Independent Directors of Sky PLC note today's share price increase, and announce that Sky has received an approach from 21st Century Fox, Inc," the company, the owner of Sky News, said in a statement.
      "After a period of negotiation, the Independent Directors of Sky and 21st Century Fox have reached agreement on an offer price of 10.75 per share in cash, less the value of any dividends subsequently paid by Sky.
      "However, certain material offer terms remain under discussion and there can be no certainty that an offer will be made by 21st Century Fox, nor as to the terms of any such offer."
      Shares in Sky were up 32% to 1040 on news of Fox's interest.
      21st Century Fox tables takeover bid for Sky PLC

      The press release;
      The Independent Directors of Sky plc ("Sky") note today's share price increase, and announce that Sky has received an approach from 21st Century Fox, Inc. (Nasdaq: FOXA). After a period of negotiation, the Independent Directors of Sky and 21st Century Fox have reached agreement on an offer price of 10.75 per share in cash, less the value of any dividends subsequently paid by Sky (the "Proposal"). However, certain material offer terms remain under discussion and there can be no certainty that an offer will be made by 21st Century Fox, nor as to the terms of any such offer.

      The Independent Directors, who have received financial advice from Morgan Stanley, PJT Partners and Barclays, have indicated to 21st Century Fox that they are willing to recommend the Proposal to Sky shareholders, subject to reaching agreement on the other terms. In providing advice to the Independent Directors, Morgan Stanley, PJT Partners and Barclays have taken into account the commercial assessments of the Independent Directors.

      The Proposal represents a premium of 40% to the closing price on 6th December, being the last business day prior to the initial proposal being received from 21st Century Fox, and a premium of 36% to the closing price on 8th December, being the last business day prior to this announcement.
      Sky has formed an independent committee of the Board (the "Independent Committee") to consider the terms of the Proposal. The Independent Committee comprises Martin Gilbert, Andrew Sukawaty, Jeremy Darroch, Andrew Griffith, Tracy Clarke, Adine Grate, Matthieu Pigasse and Katrin Wehr-Seiter, each of whom the Board of the Company considers to be free from conflicts of interest with regard to the Proposal (the "Independent Directors"). The members of the Independent Committee will act in accordance with their duties as directors and, in particular, in order to protect the interests of shareholders.
      Discussions are continuing and a further announcement will be made in due course as appropriate.
      In accordance with Rule 2.6(a) of the Code, 21st Century Fox is required to clarify its intentions by no later than 5.00pm on Friday 6th January 2017 (or such later date as the Takeover Panel may consent to in relation to 21st Century Fox, at the request of Sky), by either announcing a firm intention to make an offer or that it does not intend to make an offer.

      http://www.streetinsider.com/Corpora.../12328887.html
      Last edited by lettice; 09-12-16 at 04:32 PM.


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    3. #2
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      Re: 21st Century Fox tables takeover bid for Sky PLC

      This is not good news. News Corporation owns Fox. Anyone care guess who owns News Corporation?

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      Re: 21st Century Fox tables takeover bid for Sky PLC

      Quote Originally Posted by Scubbie View Post
      This is not good news. News Corporation owns Fox. Anyone care guess who owns News Corporation?
      I think 'he' split out the News business into a separate company after the last failed bid so media (tv, film etc) is separate company to news / publishing. This 'on paper' dilutes the ownership issue. Remains to be seen if its enough for the regulator.

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      Re: 21st Century Fox tables takeover bid for Sky PLC

      Very good overview on Sky news earlier from Ian King on the demerger.
      Check out the sky news sidebar app on Sky Q to see it.
      But all the background and the way forward here;

      21st Century Fox makes takeover bid for Sky

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      Re: 21st Century Fox tables takeover bid for Sky PLC

      Quote Originally Posted by mss911 View Post
      I think 'he' split out the News business into a separate company after the last failed bid so media (tv, film etc) is separate company to news / publishing. This 'on paper' dilutes the ownership issue. Remains to be seen if its enough for the regulator.
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      Re: 21st Century Fox tables takeover bid for Sky PLC

      Vince cable has asked monopolies board to block this move which happened a few years ago in last attempt to merge the business' as the super media group created would have to powerful a hold on the UK media business Po

     

     

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