Latest Share Chat

Sky Share News (SKY)

Sky Information

There is currently no data for SKY

Sky urges shareholders to accept deal as Comcast outbids Fox

Mon, 24th Sep 2018 07:22

(Sharecast News) - Sky urged its shareholders on Monday to accept a takeover offer from US cable company Comcast after it outbid Rupert Murdoch's 21st Century Fox for the London-listed broadcaster.Sky said the Comcast offer of £17.28 represents an "excellent outcome" for its shareholders, at a premium of 125% to the closing price 6 December 2016, which was the last business day before Fox's initial approach. The price also represents a multiple of 15.5 times Sky's adjusted EBITDA for the 12-month period ended 30 June 2018.In an almost unprecedented auction held by the UK's Takeover Panel on Saturday, Comcast outbid Fox's £15.67 per share bid for Sky."As the price of the Comcast offer is materially superior, it is in the best interests of all Sky shareholders to accept the Comcast offer. "Accordingly, the Independent Committee unanimously recommends that Sky shareholders accept the Comcast offer, and in order to ensure the successful closing of the Comcast offer, and given the possibility of a delisting of Sky in the near future, urges shareholders to accept immediately."Liberum noted that Sky shareholders have until 11 October to accept the deal. "With the independent directors of Sky backing the deal and the premium to the share price close on Friday, it is almost inevitable that non-Fox shareholders will take the offer," it said."The more interesting question is what Fox (or Fox / Disney) does with its 39% stake. Technically, it does not have to accept, which would leave Comcast with a major shareholder that could act as an irritant if it so desired. In reality, we think Fox/Disney will sell its stake in the company - it is a windfall for Fox and, for Disney, there is no direct competition in Europe between it and Comcast in the pay-TV arena."Analyst Ian Whittaker said he does not expect a significant amount of change for Sky. "It is very unlikely Comcast will look to rebrand Sky, it has pledged to keep Sky News and there is visibility on the major football contracts. Comcast is likely to take Sky's expertise in areas such as technology and customer service back to the United States to help with its operations there."

More News

3 Jan 2017 10:54

Tuesday broker round-up

(ShareCast News) - BP: UBS reiterates buy with a target price of 550p. InterContinental Hotels Group: Barclays upgrades to overweight, 4000p target. Debenhams: Deutsche Bank downgrades to sell with a 5200p target. Amerisur: Barclays reiterates equal weight with a 36p target. Next: Deutsche Bank d

22 Dec 2016 08:15

LONDON BRIEFING: Inchcape Scales Up South American Distribution Arm

22 Dec 2016 08:01

Credit Suisse downgrades Sky, ups price target on 21st Century deal

(ShareCast News) - Credit Suisse downgraded broadcaster Sky to 'neutral' from 'outperform' but lifted its price target on the stock to 1,075p from 980p to bring it into line with the offer from 21st Century Fox. The bank said potential upside of about 9% at some point within a 12-month time frame is

21 Dec 2016 15:39

PRESS: Fox-Sky Bid To Face EU Review In March At Earliest - Bloomberg

21 Dec 2016 08:58

Sky's 'cheapest fibre broadband' claims possibly misleading

(ShareCast News) - Sky kicked off a battle of the cheap 'fibre' broadband on Wednesday, issuing a press release claiming it now has the cheapest superfast connections in the UK. The subscription broadcaster and telecoms provider said it was now offering its lower-tier fibre connections for £20 a mon

20 Dec 2016 14:21

Moody's Affirms Credit Ratings For Sky, Changes Outlook To Developing

16 Dec 2016 09:29

BROKER RATINGS SUMMARY: Shore Upgrades Downtrodden IG And CMC Markets

15 Dec 2016 15:25

Thursday broker round-up

(ShareCast News) - Wood Group: UBS reiterates neutral with a target price of 875p. Burberry: Exane BNP Paribas keeps at neutral, 1490p target. Inmarsat: Deutsche Bank reiterates buy with a 1030p target. Sports Direct: Canaccord reiterates sell with a 160p target. Vodafone: Deutsche Bank reiterate

15 Dec 2016 15:16

Broker tips: Sky, Sports Direct, Aggreko

(ShareCast News) - UBS reiterated a 'buy' rating on Sky and raised the target price to 1,370p from 1,310p on Thursday after Rupert Murdoch proposed a deal to a full takeover of the broadcaster. Murdoch's Twenty-First Century Fox on Friday announced a preliminary deal to buy the rest of the shares in

15 Dec 2016 12:58

Sky and 21st Century Fox reach £18.5bn takeover deal

(ShareCast News) - An agreement has been reached for 21st Century Fox's takeover of broadcaster Sky. The BBC reported on Thursday that Sky has been valued at £18.5bn and its shareholders will receive £10.75 for each share. Some shareholders are not in favour of the takeover as the bid undervalues S

15 Dec 2016 09:35

UBS reiterates 'buy' on Sky amid Fox takeover talks

15 Dec 2016 09:32

BROKER RATINGS SUMMARY: Jefferies Cuts BAE Systems To Hold From Buy

13 Dec 2016 13:12

Tuesday broker round-up

(ShareCast News) - British Land: Barclays reiterates overweight with a target price of 740p. GlaxoSmithKline: UBS reiterates neutral, 1600p target. Reckitt Benckiser: Jefferies reiterates buy with a 7750p target. GB Group: Berenberg reiterates buy with a 340p target. Great Portland Estates: Barcl

13 Dec 2016 11:57

Vodafone UK Introduces Data Rollover Service For Pay Monthly Customers

12 Dec 2016 14:30

Sector movers: Non-OPEC oil deal boosts producers

(ShareCast News) - Evraz led its sector to the top of the leaderboard with its stock hitting a new 52-week high as steel rebar prices notched up fresh gains. Overnight, Chinese steel rebar futures rose from $500.1 a tonne to $524.5 even as Chinese securities traded mostly lower on news that the s

Latest Share Chat

Sky Share News (SKY)

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Sky urges shareholders to accept deal as Comcast outbids Fox

Login to your account

Quickpicks are a member only feature

Login to your account