Sky Board terminates NBIO discussions

GENERAL
Wed, Nov 08 2023 08:39 am

On 13 October 2023 Sky Network Television (Sky) announced that it had received a highly conditional, non-binding preliminary expression of interest from a third party to acquire all of the shares in Sky (NBIO).

The NBIO was highly preliminary, incomplete and confidential, and Sky only made the disclosure in order to respond to enquiries as to the current status of Sky’s buyback programme, which the Board had not recommenced following release of Sky’s FY23 results due to its receipt of the NBIO.

Yesterday Sky received an updated NBIO from the third party (which remained highly conditional and non-binding), proposing a transaction at a value range which falls short of the Board’s view of the fair intrinsic value of Sky and, based on recent unsolicited feedback, the view of a number of Sky’s institutional shareholders.

The Board has advised the third party accordingly, and has ended discussions in respect of the NBIO.

In light of its termination of NBIO discussions, the Board has resolved to recommence the share buyback programme on the same terms as were announced at the commencement of the programme on 31 March 2023.

ENDS
Authorised by Kirstin Jones, Company Secretary


Announcement PDF


Markets News

Major stock moves expected as index reshuffles hit markets
Markets

Major stock moves expected as index reshuffles hit markets

Analysts are anticipating the week will end with significant volume and volatility.

Finance

Sharesies’ app affected by more than hour-long outage

Sharesies portfolio app was down for more than an hour, frustrating US-focused investors.

Sharesies’ app affected by more than hour-long outage
Primary Sector

Co-ops last five times longer than limited liability companies - report

Top 30 co-ops and mutuals made $51.9b revenue in 2024, 12.5% of GDP.

Co-ops last five times longer than limited liability companies - report