U.K. broadcaster Sky has recommended its shareholders accept an offer from Comcast for a $40 billion takeover, the company said in an official statement published Monday.
“As the price of the Comcast Offer is materially superior, it is in the best interests of all Sky shareholders to accept the Comcast Offer,” the company said.
“Accordingly, the Independent Committee unanimously recommends that Sky shareholders accept the Comcast Offer, and in order to ensure the successful closing of the Comcast Offer, and given the possibility of a delisting of Sky in the near future, urges shareholders to accept immediately.”
Now it’s down to Sky’s board and shareholders to accept either offer, the deadline for that being October 11.
Comcast has to secure 50 percent acceptance for the deal to go through. Since Fox already owns 39 percent of Sky, it means Comcast is looking for 50 percent of that 61 percent acceptance – so that’s 84 percent acceptance of the board.
Comcast outflanked rival Twenty-First Century Fox in a $40 billion takeover of British broadcaster Sky on Saturday, submitting a much higher bid in a rare three-round auction that pitted two of America’s largest media companies against one another.
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