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Twenty-First Century Fox Eyes Britain’s Sky for a Takeover

December 9, 2016

The Allen — Co. Media And Technology ConferenceThe Allen — Co. Media And Technology Conference
Rupert Murdoch, co-chairman and founder of Twenty-First Century Fox Inc., arrives for the morning sessions during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Thursday, July 7, 2016. Bloomberg Bloomberg via Getty Images

European pay-TV group Sky said on Friday it had received a takeover approach from Rupert Murdoch’s Twenty-First Century Fox, the company’s largest shareholder.

Sky’s shares were up 26% at 10 pounds in late trading in London, while Fox’s shares were up 4.3%.

Fox’s offer of 10.75 pounds per share in cash, is a 36.2% premium to Sky’s Thursday close, and values the company at about 18.48 billion pounds ($23.23 billion).

Fox (FOX) already owns 39.1% of Sky, according to Thomson Reuters data.

According to Reuters calculations, Fox will pay 11.25 billion pounds for what it doesn’t already own of Sky.

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Fox Chief Executive James Murdoch was named chairman of Sky this year, fueling speculation that the U.S. media company would make a bid.

Sky, which has formed an independent committee to consider terms of the proposal, said discussions were continuing.