Home » Broadcast Articles » News Corp Proposes Cash Offer for British Sky Broadcasting Group Plc
News Corp Proposes Cash Offer for British Sky Broadcasting Group Plc
News Corp Proposes Cash Offer for British Sky Broadcasting Group Plc
NEW YORK, NY, June 15, 2010 /Broadcast PR News/ -- News Corporation ("News Corp") announces that it approached the Board of British Sky Broadcasting Group plc ("BSkyB") on Thursday, 10 June 2010, and proposed making an offer to acquire the entire issued and to be issued share capital of BSkyB not already owned by it for 675 pence in cash per share subject to the conditions described in this announcement.
After News Corp made the proposal, the Independent Directors of BSkyB requested that News Corp enter into discussions with the objective of achieving an agreed proposal for the mutual benefit of all shareholders. Following these discussions, News Corp increased the proposal to 700 pence in cash per share (the "Proposal").
News Corp and the BSkyB Independent Directors have been unable to reach a mutually agreeable price at the current time. However, both parties have agreed to work together to proceed with the regulatory process in order to facilitate a proposed transaction and, accordingly, we have agreed to enter into a Cooperation Agreement, details of which are set out below.
News Corp has been a major shareholder in BSkyB for over twenty years and has had Board representation throughout that period. News Corp currently owns 686,021,700 BSkyB shares, representing 39.1% of BSkyB's issued share capital.
Source: News Corp
For more News Corp news (http://media.einnews.com/news/news-corp-murdoch), visit Media Industry Today, a service of EIN News.
---
Press release service and press release distribution provided by http://www.24-7pressrelease.com |
|
|
Press Release Contact Information:
EIN News
|
|
|
|
|
|
|
Advertise With Us |
About Us |
Contact Us