April 25, 2018 / 11:26 AM / a month ago

Sky withdraws recommendation for Fox bid after higher Comcast offer

LONDON (Reuters) - The independent directors of pay-TV group Sky (SKYB.L) said they were withdrawing their recommendation of a takeover bid from Rupert Murdoch’s Fox (FOXA.O) after U.S. cable company Comcast Corp (CMCSA.O) trumped it with a 22 billion pound ($30.68 billion) offer.

A British Sky Broadcasting Group (BSkyB) logo is seen at the company's UK headquarters in west London July 25, 2014. REUTERS/Toby Melville

“As a result of the announcement of this higher cash offer, the independent committee is withdrawing its recommendation of the offer announced by Twenty-First Century Fox on 15 December 2016 and is now terminating the Co-operation Agreement entered into with Twenty-First Century Fox on the same date,” Sky’s independent directors said in a statement on Wednesday.

    ($1 = 0.7170 pounds)

    Reporting by Sarah Young, editing by James Davey

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below