Sky surges on takeover recommendation

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Sky surges on takeover recommendation
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Broadcaster Sky (LON:SKY) and an independent advisory committee have recommended a cash takeover offer from US outfit Comcast of £17.28 a share. This implies an enterprise value that is more than 15.5 times adjusted EBITDA for the 12 months ended 30th June.

Martin Gilbert, chairman of the independent committee, said: “We consider the Comcast Offer to be an excellent outcome for Sky shareholders, and we are recommending it as it represents materially superior value. We are focused on drawing this process to a successful and swift close and therefore urge shareholders to accept the recommended Comcast Offer.

“On behalf of the Independent Committee of Sky, I wish to thank Jeremy and Andrew for their outstanding leadership of the business throughout the twenty-one month bid process and congratulate everyone at Sky on creating such a successful company that has attracted strategic interest from one of the world’s greatest media companies.”

Shares in Sky climbed 8.74% to 1,723.50p (as of 13:25 BST).

 

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