Sky: share worth at least 15 pounds, Elliott says
(CercleFinance.com) - Activist investor Elliott Advisors, a major shareholder in Sky, believes that the shares of the British media group are worth at least 15 pounds per share (1,501 pence precisely), according to a document released yesterday by UK's Takeover Panel.
This price is a long way off Disney's offer for each Sky ordinary share, which has been set at a price of 1,400 pence per share.
In comparison, the Sky share is currently trading at 1,548 pence on the London Stock Exchange.
Elliott's adviser Greenhill - which also represents two other Sky shareholders - Davidson Kempner and Farallon Capital - said it has reached a revised offer price of 15.01 pounds per share, but that the price should be increased to integrate a number of other factors.
Disney recently launched an offer to acquire the giant Fox, which has a 39% stake in Sky, triggering an obligation for Disney to make a mandatory offer for Sky's remaining shares.
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