December 9, 2016 / 4:29 PM / 8 months ago

BRIEF-Sky says Twenty-First Century Fox approaches co for take over

Dec 9 (Reuters) - Sky Plc :

* Possible offer for Sky Plc by Twenty-First Century Fox, Inc.

* Independent directors of Sky and 21st Century Fox have reached agreement on an offer price of £10.75 per share in cash, less value of any dividends subsequently paid by sky

* Independent directors, who have received financial advice from Morgan Stanley, PJT Partners and Barclays, have indicated to 21st century fox that they are willing to recommend proposal to sky shareholders, subject to reaching agreement on other terms

* Proposal represents a premium of 40 pct to closing price on 6th december, being last business day prior to initial proposal being received from 21st century fox

* Sky has formed an independent committee of board ( "independent committee") to consider terms of proposal.

* 21St Century Fox is required to clarify its intentions by no later than 5.00pm on Friday 6th January 2017 by either announcing a firm intention to make an offer or that it does not intend to make an offer

* Possible offer for Sky Plc by 21st Century Fox Inc

* Announce that sky has received an approach from 21st century fox, inc.

* Certain material offer terms remain under discussion and there can be no certainty that an offer will be made by 21st Century Fox, nor as to terms of any such offer.

* Proposal represents a premium of 36 pct to closing price on 8th december, being last business day prior to this announcement.

* Discussions are continuing and a further announcement will be made in due course as appropriate. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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