Sky: against Comcast, 21st Century Fox offers 14 pounds

(CercleFinance.com) - The independent committee of the British satellite television operator Sky has agreed on the conditions of a takeover bid with its parent company 21st Century Fox, which could finish the duel between it and Comcast.


After an equivalent offer by 21st Century Fox in December 2016, the US cable operator Comcast first offered 10.75 pounds (1075 pence) per Sky share before raising the bid to 1,250 pence. In an attempt to win, 21st Century Fox has just raised its offer to 1400 pence in cash, a price that Sky has just accepted, it said in a statement this morning.

The price of 1400 pence corresponds to an instant premium of 82.1% relative to the share's closing price on 6 December 2016, before the first announcement is known. It corresponds to 14.1x Sky's 2017 adjusted EBITDA.

Remember that 21st Century Fox already owns 39.1% of Sky.
However, the Sky share is currently down around 1% in London this morning.



Copyright (c) 2018 CercleFinance.com. All rights reserved.