21st Century Fox launches all cash offer for Sky
Sky agreed to a take over by US media giant 21st Century Fox at a price of 1075p per share in cash, for a 36% premium on the shares' closing price as of 8 December.
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That translated into an £11.2bn offer for the 61% of Sky which Rupert Murdoch's Fox did not already own.
Any dividend paid by Sky after the proposal was made would be subtracted from the amount offered, the London-listed company said in a statement.
Furthermore, "certain material offer terms remain under discussion and there can be no certainty that an offer will be made by 21st Century Fox, nor as to the terms of any such offer," Sky added.
"Discussions are continuing and a further announcement will be made in due course as appropriate."
Morgan Stanley, PJT Partners and Barclays acted as advisors to Sky.