Sky Asks Shareholders To Take No Action On Comcast Offer As 'no Firm Offer Made'

(RTTNews) - Sky plc (BSY.L, SKY.L) asked its shareholders not to take any action on Comcast Corp.'s (CMCSA) cash offer for the company at 12.50 pounds per share, as "no firm offer has been made at this point."

"The Independent Directors of Sky are mindful of their fiduciary duties and their obligations under the UK Takeover Code. Since no firm offer has been made at this point, shareholders are advised to take no action," Sky said. A further announcement will be made as and when appropriate.

Earlier today, Comcast announced a superior cash proposal of 12.50 pounds per share represents a 16% increase in value over the existing 21st Century Fox offer for Sky. Comcast's superior cash proposal implies an equity value of $31 billion or 22 billion pounds for Sky.