Don’t miss the latest developments in business and finance.

Fox to bid for Sky this week via scheme of arrangement - sources

Image
Reuters LONDON
Last Updated : Dec 12 2016 | 7:58 PM IST

By Sophie Sassard

LONDON (Reuters) - Rupert Murdoch's Twenty-First Century Fox aims to make a firm cash bid for British broadcaster Sky this week, valuing the company at 10.75 pounds ($13.60) per share, several people familiar with the matter said on Monday.

Fox and Sky have agreed to press ahead with a scheme of arrangement which could make it easier for Fox to get the deal approved as it requires just 75 percent of approval from shareholders, said the sources.

Murdoch is also expected to keep Sky's chief executive Jeremy Darroch to run the business as he wants continuity for the company, said the sources.

Fox declined to comment while Sky could not be immediately reached.

($1 = 0.7904 pounds)

Also Read

(Reporting by Sophie Sassard; additional reporting by Kate Holton)

Disclaimer: No Business Standard Journalist was involved in creation of this content

More From This Section

First Published: Dec 12 2016 | 7:42 PM IST

Next Story