Jun 29, 2018

House sales and Sky bid are links in UK’s chain pains

Take the FT's exclusive story on Wednesday: "Hedge funds push regulator to set higher Sky price." What on earth is a regulator doing setting the price of a public company? Sky is the subject of a takeover bid by 21st Century Fox, the US media group that already owns 39 per cent of the UK broadcaster. The UK Takeover Code's "Chain principle" means the Takeover Panel intervenes to make sure Sky shareholders get a fair deal. Some shareholders argue that the offer for Sky should go up by a proportional amount. Not so much with Sky, which is a unique situation - and one where the panel is unlikely to plunge into its own discounted cash flow valuation of Sky.

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