Major Sky shareholder to vote against Fox bid

Sun Dec 11, 2016 9:36am EST
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By Costas Pitas

LONDON (Reuters) - A major shareholder in British pay-TV company Sky (SKYB.L: Quote) will vote against Twenty-First Century Fox's (FOXA.O: Quote) $14 billion takeover bid, the investor told Reuters on Sunday, while another said it is unhappy about the offer.

Rupert Murdoch's Fox offered 10.75 pounds ($13.52) a share in cash on Friday in its second attempt to buy the 61 percent of the business that it does not own, with Sky's independent directors backing the latest bid.

The shareholder, which declined to be named but said it was one of Sky's top 50 stakeholders, described the bid as "far too low".

"We are voting against the deal if it comes out in its current form and we have told the company as such," the investor said.

"The independent directors have absolutely failed minority shareholders."

A Sky spokeswoman declined to comment.

The deal would give Fox control of a pay-TV network spanning 22 million households in Britain, Ireland, Austria, Germany and Italy.

A second shareholder told Britain's Sunday Telegraph newspaper that Sky's directors should push for more.   Continued...

Media mogul Rupert Murdoch leaves his home in London, Britain March 4, 2016. Murdoch wed former supermodel Jerry Hall in a low-key ceremony in central London on Friday, the fourth marriage for the media mogul. REUTERS/Stefan Wermuth