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Sky Share Discussion Threads
Showing 1026 to 1048 of 1050 messages
|Essential investor you should have listened to me from the start then you wouldn't have lost your shirt !!!. I told you ages ago, don't blame other traders for your inadequacies.|
|Credibility?, coming from you, ADVFN's contra indicator.
Utter clown, you predicted doom for SKY and the opposite happened, just as you
did with mining and oil shares last year, most have doubled or more since.
Then you do a disappearing act, LMAO.
I sold on the bid announcement as did not want to run the risk of a deal falling through,
however looks like this will complete.|
|It needs to happen sooner !!! SKYnews is a failing news channel loosing credibility big time. It's Saudi Arabian boss has pushed it in a unnews worthy direction catering for the easy tricked naive segment of the market. Murdock is needed !!!|
|Agree,if its referred,which seems unlikely now due to the time passed then think it will be for political reasons,more than anything.|
|Quite a long process for Murdock vehicle to go through (EU clearance.....with March earmarked as a key date there....etc.), and therefore present share price reflects that pause before actual cash is paid. Somehow doubt that there will be a UK referral as checks and balances well understood in the sector, and UK would welcome the cash! However, the inexperience of the present Secretary of State for Culture may want to cover her rear, and the present May Cabinet are less than impressive in my view...making a real mess of everything, and dithering.Oh well we will just have to wait developments, but getting a bit tiresome.|
|Yes seems odd no comment yet on referral or not and its clearly well over 10 working days.Thought they would say one way or another.
Also price seems to indicate still potential for problems.|
|What happened to 10 day referral decision?|
|The 10 days should soon be up, but with holidays difficult to know precise timing..any clues? Hopefully no referral but should not upset the share price that much if at all...best for the culture Secretary to push it through while the market is a bit asleep with the holiday break...the doubters of takeover merit and price will soon move on. Forgot to take account of the EU oversight into the bid which may not be executed before March 2017 from what I understand.|
|I hope Murdock gets his baby back soon, SKY needs him. Skynews used to be credible now it's dog shot, it needs someone to put things right.|
|My understanding is that Fox currently own just under 40% of the Sky shares.
The Fox current proposal is they will not use these in the vote but need a minimum 75% approval from the remaining 60% of shares i.e. 45% of the total equity. Therefore if >25% vote against this then the bid is blocked.
However if this is the case then Fox can instead just go with a straight majority vote, where they would need about 10% more approvals to get to the 50%+ they need
Is this analysis correct ?
Can Fox just switch their takeover mechanism to suit them ?
It would seem the second option is easier for them to achieve ??|
|I do agree............|
|Wait until the 10 days (post bid) are up.
If no referral it should go through extremely quickly.
I am not expecting a referral.
But if it is held up beyond 2017, you will get £11.82/share.
This is now a 'low risk hold'|
|Will sell well before a year.Even though more would have been nice I am still happy as 2 weeks ago I was sitting on a big fat loss.Although it seems likely the deal will go through there is still plenty that could go wrong in 12 months.|
|You can always sell in the meantime for cash...............and in the meantime you can read what the big boys are doing - see above NEWS.|
|A year of limbo|
|You will as this is/maybe not the final outcome but your post is well constructed and I dare say what some big holders are telling Murdoch's advisers.............
We shall have to wait and see...................as the share price climbs to £10.....|
|So, if I have understood the terms of the offer correctly small shareholders are unlikely to receive their £10.75 a share much before the end of 2017. In the meantime, the earnings of the company which have accrued since 1 July 2016 will be accumulated and not paid out to shareholders unless completion is delayed into 2018. In other words, it seems that if the deal completes in, say Dec 2017, 21st Century Fox will take the benefit of the last 18 months of earnings of Sky and the other shareholders will see those earnings taken from them.
If correct, these "lost" earnings need to be deducted from the purchase price offered to arrive at a "true" offer value. Further, shareholders will not receive their £10.75 for a good year, by the sounds of it, and might reasonably expect to make at least 4% elsewhere by investing in other ordinary shares carrying this level of risk in the meantime. I would therefore discount the price by 4% to reflect a cost of funds, for the delay proposed.
So, if discount the offer price by 4% the net present value of what is offered reduces to £10.34 (£10.75/1.04). Sky is forecast to make around 89 pence per share in that period (source FT Markets forecasts). These are the lost earnings I mention above. If we deduct that amount from the NPV of the offer price we end up with £9.45. This is what I see as the true value of the offer made by 21st CF and, amazingly, backed by the independent directors of Sky.
It is my understanding that the shares were trading at £9.21 as recently as 4 October 2016 which really puts the offer into perspective. In my view, this looks like an opportunistic corporate raid. I will keep the matter under review, and keep a close watch on the bidding war for UEFA Champions League rights, but confess that at the moment I have no appetite for voting in favour of this takeover given the very limited premium offered.|
|They are offering a special 10p div if doesn't go through by end of 2017|
|21st Century Fox makes £11.7bn formal bid for Sky
Takeover sets up showdown with smaller shareholders and UK and European regulators
by: David Bond and Arash Massoudi in London and Matthew Garrahan in New York
15 Dec 2016
Rupert Murdoch’s 21st Century Fox has made a formal offer to take full control of Sky, setting up a showdown with smaller independent shareholders and a battle with UK and European regulators.
The £10.75 a share all-cash offer for the 61 per cent of Sky that the US media group does not already own values the UK-based group at £18.5bn, and will cost Fox £11.7bn. The offer comes almost a week after the European pay-TV broadcaster announced it had reached an agreement with Fox on a proposed deal.
James Murdoch, Sky’s chairman who is also chief executive of Fox, said he was confident the deal would pass “regulatory muster” and would be completed before the end of 2017.
“We will be engaging with the relevant agencies and authorities,” Mr Murdoch told an investor call, adding that he was sure “no meaningful concessions will need to be made”.
The UK government is unlikely to decide whether to refer the Fox takeover to Ofcom, the media regulator, before the new year. The deal is also expected to require clearance from the European Commission following Sky’s acquisition of Fox’s Italian and German TV businesses in 2014.
£11.7bn deal was settled over two weeks of talks after several years in the offing
Fox’s offer, which remains the same as the price agreed last week, values Sky at a 36 per cent premium to its closing share price on December 8, the day before news of the approach was announced. However, some smaller shareholders such as Standard Life, Jupiter Asset Management and Royal London have spoken out against the offer arguing that it undervalues Sky: its shares were trading at the offer price back in February.
To sweeten the deal, Sky said it would pay a special 10p dividend if the transaction was not completed by the end of 2017.
The Murdochs abandoned their last bid for Sky in 2011 amid the public outcry over the UK phone hacking scandal. Since then, their group has separated into two companies: Fox, which consists of a movie studio and television assets, and News Corp, which owns newspapers such as The Times and the Wall Street Journal.
Abandoning the bid in 2011 cost News Corp a break-up fee of £38.5m; this time Fox will pay Sky £200m if it walks away from the deal.
Fox said the combined company would help create a “consumer powerhouse reaching 100m households”.
“This deal will enable us to be a leader for the next wave of content consumption growth,” James Murdoch added.
21st Century Fox confident that bid will not be derailed this time
However, Sky faces challenges on a number of fronts, including sharp inflation in the cost of live sports rights and increased competition from BT and streaming services such as Netflix and Amazon.
John Nallen, Fox’s chief financial officer, told investors the US media group would pay for the transaction with cash and $10bn of new debt. There would be no new Fox shares issued to pay for the deal, he said.
A bridging loan would be used to finance the deal and replaced with longer-term financing once the takeover is completed.
To speed up the takeover process Fox and Sky will pursue a “scheme of arrangement” takeover structure, which requires the backing of only 75 per cent of a company’s independent shareholders.|
|added a summary and relevant links to the header
current price 986
current discount = 9% minus (0.5% stamp duty and dealing costs)
expected completion before end 2017 (no divs payable in 2017)
good luck folks|
|If a dividend is paid that will be deducted from the £10.75 as things stand at the moment.|
|Is the price not £10.75 less dividends? So if dividend is 15p that makes £10.60|