17th Nov 2006 17:55
British Sky Broadcasting Group PLC17 November 2006 British Sky Broadcasting Group PLC Acquisition of Shares in ITV PLC British Sky Broadcasting Group plc ("BSkyB") announces that it has acquired astake in ITV plc ("ITV"). BSkyB has today acquired 696 million shares,representing 17.9 per cent of the issued share capital of ITV, at a price of 135pence per share. The total consideration amounts to approximately GBP 940million, which will be funded from the group's existing cash balances and itscurrently undrawn revolving credit facility. BSkyB wishes to explore options to create value in the interests of both BSkyB'sand ITV's shareholders. BSkyB believes that ITV is one of Europe's premierbroadcasting and production businesses, and holds substantial potential forlong-term value creation. This acquisition of shares has taken place without theprior knowledge of the ITV board of directors, but BSkyB has today communicatedto ITV's board its intention to be a supportive shareholder. BSkyB has no intention of acquiring shares that would result in BSkyB's stakeexceeding 19.9 per cent or making an offer for the whole of ITV's remainingshare capital. BSkyB notes that under Section 350(3) and Schedule 14 of the Communications Act2003, BSkyB is prohibited from controlling an interest of more than 20 per centin ITV plc. A conference call for analysts and investors will be held at 18:00 p.m. (GMT)today. The dial-in number is +44 20 7162 0025. Enquiries: British Sky Broadcasting Group plc Analysts/investors:Andrew Griffith 020 7705 3118Robert Kingston 020 7705 3726 Press:Matthew Anderson 020 7705 3267 Finsbury:Roland Rudd 020 7251 3801Alice Macandrew 020 7251 3801 Morgan Stanley & Co. Limited (Financial Adviser):Scott Matlock 020 7425 5000Henry Stewart 020 7425 5000Hugo Baring 020 7425 5000 Morgan Stanley and Co International Limited (Joint Corporate Broker to BSkyB):Nick Wiles 020 7425 8000Tim Pratelli 020 7425 8000 Merrill Lynch International (Joint Corporate Broker to BSkyB):Mark Astaire 020 7628 1000Patrick Bowes 020 7628 1000 Morgan Stanley & Co. Limited is acting exclusively for British Sky BroadcastingGroup plc and no one else in connection with the matters described in thisannouncement and will not be responsible to any other person for providing theprotections afforded to clients of Morgan Stanley & Co. Limited nor forproviding advice in relation to the matters described in this announcement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SkyITV