LONDON Dec 11 Some shareholders are unhappy
about the terms of a preliminary deal struck by Rupert Murdoch's
Twenty-First Century Fox to take over British pay-TV
Sky, the Sunday Telegraph newspaper reported.
On Friday, Murdoch's Fox proposed 10.75 pounds ($13.52) a
share in cash, backed by Sky's independent directors, in its
second attempt to buy the 61 percent of the firm which it does
not currently own.
But some shareholders are disappointed that the independent
directors have not pushed to better the $14 billion bid which
would give Fox control of a pay-TV network spanning 22 million
households in Britain, Ireland, Austria, Germany and Italy.
It "ought to be the start of the process, not the
conclusion," Alastair Gunn, a fund manager at Jupiter Asset
Management was quoted as saying by the Sunday Telegraph
The firm was not immediately available for comment when
contacted by Reuters on Sunday.
An unnamed shareholder was quoted by the paper as saying:
"Our initial reaction is one of serious disappointment that they
have rolled over like this."
Analysts at Citi characterised the offer as a "low-ball
bid," citing a fair value assessment of 13.50 pounds per share.
People familiar with the matter have told Reuters that Fox
had pounced after Britain's vote to leave the European Union in
June sent the pound down about 14 percent against the U.S.
dollar and Sky's share price tumbling.
($1 = 0.7954 pounds)
(Reporting by Costas Pitas; Editing by Ros Russell)