13th Feb 2017 06:55
LONDON (Alliance News) - US hedge funds have built up positions in pay-TV broadcaster Sky PLC in a bet that 21st Century Fox Inc's takeover bid will succeed, The Sunday Telegraph reported.
Texas-based HBK and Illinois-based Pentwater Capital have acquired shareholdings in Sky worth around GBP300.0 million, the newspaper said, at or around Sky's closing price on Friday of 1,000.04 pence.
Fox made a GBP18.50 billion bid, or 1,075.00p per share, for the 61% of Sky that it does not already own in December.
But shares in the group have been trading below that offer price amid fears the bid could be heavily delayed or blocked by UK regulators.
http://www.telegraph.co.uk/business/2017/02/11/hedge-funds-back-murdoch-prevail-sky-takeover-battle/
By Sam Unsted; [email protected]; @SamUAtAlliance
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