Elliott bumps up Sky stake to 3.3%

Activist investor Elliott Management Corp has upped its stake in broadcaster Sky to 3.3%, just days after taking a 3.1% stake in the company as it became the subject of a possible bidding war between 21st Century Fox and Comcast.

Elliott, which nabbed its initial Sky stake last Thursday, upped its interest on Monday through derivative contracts.

Last Wednesday, Comcast confirmed its proposed £22bn all-cash offer for Sky. This represents a 16% premium to the £10.75 a share Fox bid and prompted Sky to withdraw its recommendation for the Fox bid in favour of Comcast.

At 1605 BST, Sky shares were up 0.1% to 1,374p.