Sky has confirmed that Rupert Murdoch’s 21st Century Fox is making a bid for the pay TV giant.
21st Century Fox already owns nearly 40% in the company. It’s Rupert Murdoch’s second recent attempt to take full control of Sky, after a failed bid during 2010/2011.
After a period of negotiation, the Independent Directors 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.
21st Century Fox already holds a 39.1% stake in Sky. Under the terms of its proposal, it would pay £11.2 billion to gain complete control of the company.