20th Aug 2018 18:26
LONDON (Alliance News) - Martin Gilbert, chairman of the Independent Committee of Sky PLC, late Monday advised its shareholders to take no action in relation to Twenty-First Century Fox Inc offer "at this time".
On August 7, Fox posted an offer document for the paid-TV operator at a price of 1,400.00 pence per share. Sky shares closed 0.1% higher on Monday at 1,534.09p each.
The Independent Committee welcomed the Fox's offer, however, in light of the subsequent Comcast Corp offer of 1,475p per Sky share, the Independent Committee withdrew its recommendation of the Fox's offer and recommended the Comcast offer.
Gilbert explained, that throughout the extended offer period, which has lasted over 20 months, the Independent Committee has been focussed on maximising value for Sky shareholders.
The Independent Committee also noted that the last day on which Fox is able to publish a
revised offer, should it elect to do so, is September 22. Gilbert said the Independent Committee will continue to engage with both Fox and Comcast throughout this period.
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