Sky [LON:SKY] bidder Comcast Corporation [NASDAQ:CMCSA) has hired the proxy solutions provider D.F. King to buy the shares that are held by the FTSE-100 satellite broadcaster’s small retail shareholders, The Daily Telegraph reported. The newspaper did not cite a source for the information.
Comcast, a Pennsylvania, Philadelphia-based cable media group, needs to acquire 50% of Sky’s shares to take control of the company. Sky’s independent directors on Saturday, 22 September recommended Comcast’s GBP 29.7bn (USD 33.2bn) offer over Twenty-First Century Fox’s [NASDAQ:FOXA] bid for the 61% of Sky shares that it does not already own.
Comcast disclosed on Tuesday, 25 September that it had bought 29.1% of Sky’s shares, having acquired stakes from hedge funds that had bought ahead of the sealed bids auction of Sky last weekend. Comcast is now looking to acquire the 3% of Sky currently owned by small retail shareholders, the report said.
The Walt Disney Company [NYSE:DIS], a California-based film and television production company, has agreed to acquire most of Fox’s entertainment assets for USD 71bn (GBP 60.35bn).
Fox said in a statement at the weekend that it was considering its options for its 39% stake in Sky.
Comcast’s attempts to reach the 50% plus one share acceptance threshold and its appointment of D.F. King were reported by Dealreporter on 25 September. The report cited a source close to the situation. Acuris, owner of this news service, owns Dealreporter.
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As seen in the mergermarket, an Acuris company, newsletter on 26/09/2018