Sky's independent directors should learn valuation is art, not science | Nils Pratley /Link
Rupert Murdoch versus Comcast battle shows board rolled over too cheaply previously
Can it be only 19 months since outside shareholders in Sky were supposed to be grateful for a bid from the Murdochs at £10.75 a share? It is. In December 2016, the independent directors, led by Martin Gilbert, declared they had given “full consideration to the fundamental value and prospects” for Sky and, while they remained supremely confident in those prospects, £10.75 in cash was too good to miss.
Offers at almost 40% above the previous week’s share price don’t come along often, ran their argument. And, hey, with 21st Century Fox sitting on a 39% stake, Rupert could have cut up rough by offering a 20% premium in an attempt to crawl to a position of majority control.Continue reading...
Published on 12 Jul 2018 at 03:42PM