LONDON (Reuters) - A major shareholder in British pay-TV Sky told Reuters on Sunday that it would vote against a takeover bid from Rupert Murdoch’s Twenty-First Century Fox as the offer was too low.
On Friday, Rupert Murdoch’s Fox made an offer of 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 own.
But the shareholder, which declined to be named but said it was one of Sky’s top 50 owners, told Reuters that it was opposed to the terms.
“We are voting against the deal if it comes out in its current form and we have told the company as such,” it said.
“The bid is far too low. The Independent Directors have absolutely failed minority shareholders.”
Reporting by Costas Pitas; Editing by Louise Ireland