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Murdoch’s 21st Century Fox offers £18.5bn for Sky

sky-tvSky has received an £18.5 billion takeover proposal from Rupert Murdoch’s US media giant 21st Century Fox.

The proposed offer of 1075p per share in cash represents a 36% premium on the shares’ closing price last night.

Shares in the satellite broadcaster and broadband supplier leapt 32% in late market trading. Fox already holds a 39.1% stake in Sky.

Any dividend paid by Sky after the proposal would be subtracted from the offer amount, the London-listed company said in a statement.

Furthermore, “certain material offer terms remain under discussion and there can be no certainty that an offer will be made by 21st Century Fox, nor as to the terms of any such offer,” Sky added.

“Discussions are continuing and a further announcement will be made in due course as appropriate.”

Morgan Stanley, PJT Partners and Barclays have acted as advisors to Sky.

 



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