Sky Asks Shareholders To Take No Action On Comcast Offer As 'no Firm Offer Made'

Sky plc (BSY.L, SKY.L) asked its shareholders not to take any action on Comcast Corp.'s (CMCSA) cash offer for the company at 12.50 pounds per share, as "no firm offer has been made at this point."

"The Independent Directors of Sky are mindful of their fiduciary duties and their obligations under the UK Takeover Code. Since no firm offer has been made at this point, shareholders are advised to take no action," Sky said. A further announcement will be made as and when appropriate.

Earlier today, Comcast announced a superior cash proposal of 12.50 pounds per share represents a 16% increase in value over the existing 21st Century Fox offer for Sky. Comcast's superior cash proposal implies an equity value of $31 billion or 22 billion pounds for Sky.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The National Restaurant Association or NRA has urged the U.S. Congress to refill the Restaurant Revitalization Fund or RRF, which is expected to save more than 1.6 million jobs in the restaurant industry hit hard by the surge in Omicron Variant. In a letter to Congress, the association highlighted, based on its survey on 4,200 restaurant operators, the devastating impact so far on the industry... Industrial conglomerate General Electric Co. reported Tuesday a net loss for the fourth quarter compared to a profit last year, hurt by steep debt extinguishment costs and lower revenues. However, adjusted earnings per share topped analysts' expectations, while quarterly revenues missed them. Shares of LM Ericsson were gaining more than 7 percent in Swedish trading as well as in pre-market activity on Nasdaq, after the telecom equipment maker reported Tuesday higher profit and sales in its fourth quarter with strong demand. Further, the company lifted its full-year dividend, and maintained targets for fiscal 2022 EBIT growth as well as long-term target of EBITA margin.
Follow RTT