Just in:
AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // In Lok Sabha Polls In Punjab, AAP Is Advantageously Placed As Against Its Three Rivals // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Emirates Post Speeds Up Deliveries for GCC with Special Day // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo // Renewables Surge Sets Record, But Global Equity Lags // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // AI Boost for Galaxy Devices: Samsung Expands One UI 6.1 Update // Study: Stainless steel circular economy significantly reduces the risk of climate change in Thailand // Employer Obligations Tighten: 30-Day Deadline for Emirati Employee Registration with GPSSA // Near Miss at Kolkata Airport: IndiGo Plane Makes Contact with Stationary Air India Express // 2024 Lok Sabha Election Is A Historic Battle Against The Advent Of Fascism In India // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Hullabaloo About Electoral Bonds May End Up As A Whimper Pre And Post Poll // Experts come together to support updating the city’s nature conservation masterplan // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Arvind Kejriwal Gets International Heft Against The Deshi Vishwaguru // Party Nominees Refusing To Contest: Major Perception Threat For BJP //
HomeChannelsBusinessMajor Sky shareholder to vote against Fox bid

Major Sky shareholder to vote against Fox bid

1481480634

ADVERTISEMENT

LONDON A major shareholder in British pay-TV company Sky (SKYB.L) will vote against Twenty-First Century Fox’s (FOXA.O) $14 billion takeover bid, the investor told Reuters on Sunday, while another said it is unhappy about the offer.

Rupert Murdoch’s Fox offered 10.75 pounds ($13.52) a share in cash on Friday in its second attempt to buy the 61 percent of the business that it does not own, with Sky’s independent directors backing the latest bid.

The shareholder, which declined to be named but said it was one of Sky’s top 50 stakeholders, described the bid as “far too low”.

“We are voting against the deal if it comes out in its current form and we have told the company as such,” the investor said.

“The independent directors have absolutely failed minority shareholders.”

A Sky spokeswoman declined to comment.

The deal would give Fox control of a pay-TV network spanning 22 million households in Britain, Ireland, Austria, Germany and Italy.

A second shareholder told Britain’s Sunday Telegraph newspaper that Sky’s directors should push for more.

It “ought to be the start of the process, not the conclusion”, Alastair Gunn, a fund manager at Jupiter Asset Management, was quoted as saying.

A representative of the firm was not immediately available for comment when contacted by Reuters on Sunday.

Analysts at Citi characterized the offer as a “low-ball bid”, citing 13.50 pounds per share as a fair valuation.

Sources familiar with the matter have told Reuters that Fox had pounced after Britain’s vote to leave the European Union in June sent the pound down about 14 percent against the U.S. dollar and Sky’s share price tumbling.

($1 = 0.7954 pounds)

(Editing by Ros Russell and David Goodman)

Reuters

ADVERTISEMENT

ADVERTISEMENT
Just in:
Arvind Kejriwal Gets International Heft Against The Deshi Vishwaguru // Emirates Post Speeds Up Deliveries for GCC with Special Day // In Lok Sabha Polls In Punjab, AAP Is Advantageously Placed As Against Its Three Rivals // Near Miss at Kolkata Airport: IndiGo Plane Makes Contact with Stationary Air India Express // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo // Andertoons by Mark Anderson for Wed, 27 Mar 2024 // Universal Language for Healthcare: General Authority Embraces Global Coding System // HSBC Streamlines Gold Investment for Hong Kong Residents with Tokenized Product // Study: Stainless steel circular economy significantly reduces the risk of climate change in Thailand // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Party Nominees Refusing To Contest: Major Perception Threat For BJP // Hong Kong Seen Granting Mainland Investors Access to Crypto via ETFs // Experts come together to support updating the city’s nature conservation masterplan // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // 2024 Lok Sabha Election Is A Historic Battle Against The Advent Of Fascism In India // Renewables Surge Sets Record, But Global Equity Lags // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened //