Comcast has acquired more than 30 percent of Sky's shares after winning the auction to acquire the pay-TV company over 21st Century Fox. Wholly-owned subsidiary Comcast Bidco has acquired 515.88 million shares at GBP 17.28 per share, representing around 30 percent of Sky shares currently in issue.
Comcast's recommended superior cash offer of GBP 17.28 per Sky share is now a mandatory offer under the Takeover Code, and Comcast said it will continue to make market purchases of Sky shares. The mandatory offer implies a value of around GBP 30.6 billion for Sky's fully diluted share capital.
As the mandatory offer is expected to complete before the declaration and payment of the final dividend for the financial year ending 30 June 2018, the offer includes an amount in lieu of a final dividend. In line with auction rules, Comcast Bidco will reduce the GBP 17.28 per share price by an amount equal to the amount of any dividend per Sky share which is announced, declared, paid or becomes payable to Sky shareholders after the auction process is completed.
