Apr 25, 2018

Sky receives £22bn formal takeover offer from Comcast

US cable TV giant Comcast has made a formal £22bn bid for Sky, which values the broadcaster at £12.50 a share. His 21st Century Fox had already agreed to buy the 61% of Sky it does not already own, an offer worth about £19bn. After the new Comcast move, Sky said it was withdrawing its recommendation for the Fox bid. "The Independent Committee of Sky welcomes today's announcement by Comcast of its firm intention to make a £12.50 per share pre-conditional cash offer for Sky," it said. "We are delighted to be formalising our offer for Sky today," said Comcast chief executive Brian Roberts. Comcast said its bid offered a premium of approximately 16% to the 21st Century Fox offer of £10.75 for each Sky share.

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