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News Corp launches £7.8bn bid for BskyB

BksyB rejects initial bid but deal still likely to go through

15 June 2010

News Corp has launched a £7.8 billion bid for a 61 per cent stake in BskyB.

The Rupert Murdoch-owned firm is looking to acquire the remaining share of the company, as News Corp currently owns only 39.1 per cent of the broadcasting giant.

BskyB rejected the 700 pence per share offer, which was 17 per cent higher than Monday's (June 14th) closing price, claiming it undervalued the company.

Having consulted financial advisors UBS and Morgan Stanley, BskyB said it would accept an offer of 800 pence per share.

A deal is still likely to go through, however, as both firms agreed to co-operate in order to obtain the approval of regulators and a mutually beneficial price for all shareholders.

Chase Carey, deputy chief operating officer at News Corp, said in a statement: "We believe that this is the right time for BSkyB to become a wholly-owned part of News Corp with its greater scale and broader geographic reach."

News Corp made an initial 675 pence a share offer for BskyB last week, although this was not made public until Tuesday (June 15th) morning.

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