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Sky Notes Comcast's Move To Extend Offer After Low Acceptances

Thu, 23rd Aug 2018 09:19

LONDON (Alliance News) - Paid TV-operator Sky PLC on Thursday noted Comcast Corp's announcement Wednesday it has extended its offer for Sky after a low level of acceptances.

Late Wednesday, Comcast extended the acceptance period for its GBP25.9 billion or 1,475.00 pence per share cash offer for Sky, saying it has secured valid acceptances for only 3.8 million Sky shares, or 0.2% of Sky's total issued share capital.

Earlier this week, Sky shareholders were advised by Independent Committee Chairman Martin Gilbert to hold out for higher offers after Twenty-First Century Fox Inc posted an offer document for Sky at a price of 1,400.00 pence per share.

The Independent Committee also noted the last day on which media firm Fox is able to publish a revised offer, should it elect to do so, is September 22.

Sky shares were trading 0.2% lower on Thursday morning at 1,531.68p each.