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Fox to bid for Sky this week via scheme of arrangement - sources
December 12, 2016 / 2:13 PM / a year ago

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

LONDON, Dec 12 (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) (Reporting by Sophie Sassard; additional reporting by Kate Holton)

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