Dec 15, 2016
Fox makes £11.7bn formal bid for Sky
Rupert Murdoch's 21st Century Fox has made formal its offer to take full control of Sky, setting up a battle with smaller independent shareholders and a likely showdown with UK and European regulators. The £10.75-a-share all cash offer for the 61 per cent the US media group does not already own values Sky at £18.5bn. It comes just over a week after Fox first approached Sky with an offer. Fox has promised to pay a "Substantial" break-fee to Sky if it walks away from a transaction. Fox said: "As the founding shareholder of Sky, we are proud to have participated in its growth and development. The strategic rationale for this combination is clear. It creates a global leader in content creation and distribution, enhances our sports and entertainment scale, and gives us unique and leading direct-to-consumer capabilities and technologies." The latest offer from Fox, which is unchanged on the price agreed last week, values Sky at a 36 per cent premium to its closing share price on December 8, the day before news of the approach was announced.
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