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Comcast's Sky bid goes mandatory after it buys 30% stake

Tue, 25th Sep 2018 08:48

(Sharecast News) - Comcast said it had bought more than 30% of Sky's shares to make its £30.6bn cash bid for the UK broadcaster mandatory.The US cable company said it had bought 515,885,170 Sky shares at its offer price of £17.28 a share - 125% more than the shares' value before Fox kicked off a long bidding war in December 2016. Under UK takeover rules if a company acquires more than 30% of another company's shares it has to offer to buy the whole company.Comcast said it would buy more Sky shares in the market. It won an auction for the FTSE 100 company on Saturday against Rupert Murdoch's 21st Century Fox that will draw a line under Murdoch's association with the company he founded in 1989. Fox bid £15.67 a share in the auction held by the Takeover Panel.Sky has urged its shareholders to accept Comcast's offer promptly. Shareholders have until 13:00 UK time on 11 October to accept the offer. Fox holds 39% of Sky, a stake it is selling to its bidding partner Disney.Comcast said: "Comcast Bidco will continue to acquire Sky shares in the market from eligible shareholders outside the United States at up to and including £17.28 in cash for each Sky share ... All Sky shareholders are urged to proceed to accept the second increased offer."Analysts said Comcast's offer was a big payday for Sky shareholders. The US company has said Sky will operate independently after the takeover. Comcast is expected to use Sky as a launchpad for new digital services as it tried to combat streaming providers such as Netflix and Amazon.The deal brings to an end one of the longest and most convoluted UK takeover battles. Having tried to buy all of Sky before, Murdoch instead decided to sell his entertainment operations, including Fox's Sky stake, to Disney in November 2018. But Comcast thwarted the plan, making a rival bid for the Fox assets that forced Disney to increase its offer and then a separate successful offer for Sky.

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23 Apr 2018 06:31

TOP NEWS: Stars Group To Buy Sky Betting For USD4.7 Billion

LONDON (Alliance News) - Stars Group Inc said Saturday it has agreed to acquire Sky Betting & Gaming from CVC Capital Partners and Sky PLC in a cash and stock transaction valued at USD4.7 per

19 Apr 2018 12:57

Bloomsbury Publishing Appoints Conde Nast Executive New Finance Head

LONDON (Alliance News) - Bloomsbury Publishing PLC said Thursday it has appointed Penny Scott-Bayfield as its new finance director from mid July.Scott-Bayfield will replace incumbent Wendy

19 Apr 2018 09:22

TOP NEWS: Sky In Good Shape As It Increases Year-To-Date Revenue

LONDON (Alliance News) - Sky PLC on Thursday reported higher revenue and profit in the first nine months of its financial year, as it continue improvements in its products and services.The

19 Apr 2018 07:01

LONDON MARKET EARLY CALL: Stocks Called Higher As Commodities Surge

LONDON (Alliance News) - Stock prices in London are seen opening higher on Thursday, continuing gains made on Wednesday, as a falling pound helps overseas exposed stocks and a surge in commodity a

3 Apr 2018 10:49

WINNERS & LOSERS SUMMARY: Sky Up On Takeover Remedies Proposed By Fox

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.----------FTSE 100 - WINNERS----------Randgold up a

3 Apr 2018 07:50

TOP NEWS: Fox Sets Out Competition Remedies For Sky Takeover

LONDON (Alliance News) - Sky PLC on Tuesday noted two alternative remedy proposals submitted by Twenty-First Century Fox to the UK Competition & is to

3 Apr 2018 07:32

LONDON MARKET PRE-OPEN: Lower Call; Fox Sets Out Remedies For Sky Deal

LONDON (Alliance News) - Shares in London are called to open lower on Tuesday, following on from a downbeat session in the US on Monday, as markets in the

15 Mar 2018 14:50

TOP NEWS: Sky, 21st Century And Disney Sign Confidentiality Agreement

LONDON (Alliance News) - FTSE 100-listed Sky PLC said on Thursday it has signed a confidentiality agreement with Twenty First Century Fox Inc and The Walt Disney Co.The

17 Feb 2017 08:26

Talks between Sky and Mediaset for Italian pay TV unit well advance, Il Sole reports

(ShareCast News) - Contacts between Mediaset and rival London-listed Sky for the sale of the former's pay-TV unit Premium were well advanced, Italian daily Il Sole 24 Ore reported. --- More to follow ---

13 Feb 2017 06:55

PRESS: US Hedge Funds Make Bets That Fox's Sky Bid Will Succeed

12 Feb 2017 15:06

Sunday newspaper round-up: Inflation, RBS, Brexit defeat, BAE Systems

(ShareCast News) - Higher food and fuel prices drove inflation to a three-year zenith of 2% in January, up from 1.6% in December, with more increases coming as the year progresses. Figures from the Office for National Statistics are expected to confirm the jump in inflation this week, the Sunday Tel

26 Jan 2017 07:22

Sky's interim sales strong but profits hit by Premier League costs

(ShareCast News) - Sky's profits fell in the first half of the year as it absorbed a step-up in costs for Premier League broadcasting rights, invested in Germany and Italy, and launched its mobile service in the UK. In the media group's first public announcement since 21st Century Fox's 1,075p per s

23 Jan 2017 15:55

Sector movers: Miners pace gains as dollar weakens on Trump

(ShareCast News) - Steelmakers and miners found an unexpected ally at the start of the week in the form of a weaker US dollar in the wake of what a fair bit of market commentary appeared to label as a rather protectionist Inauguration Day speech by US President Donald Trump. That drove a haven bid f

22 Jan 2017 15:04

Sunday newspaper round-up: Industrial strategy, May to meet Trump, Barclays, courgettes

(ShareCast News) - Theresa May will on Monday reveal her '10 pillars' industrial strategy that will aim to boost sector productivity. The Sunday Times said the Prime Minister's long-awaited green paper includes measures to improve skills, boost scientific research, and increasing spending on broadba

15 Jan 2017 16:35

Sunday newspaper round-up: Hard Brexit, Putin, Hammond

(ShareCast News) - Theresa May will announce that Britain is seeking a clean and hard Brexit in a speech this week that will promise to create a "strong new partnership" with the European Union. The prime minister will finally lay her cards on the table, making clear that the UK is set to pull out o

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Comcast's Sky bid goes mandatory after it buys 30% stake

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