Fox sniffs out a bargain with Sky bid

Fox sniffs out a bargain with Sky bid

Five years on from its last attempt, the Murdoch family has mounted another bid to take control of Sky (SKY). Twenty-First Century Fox (US:FOXA), which owns 39.1 per cent of the pay-TV broadcaster, has tabled a possible cash offer of 1,075p a share that values the company at nearly £18.5bn. James Murdoch, son of media tycoon and Fox co-chairman Rupert Murdoch, is Fox's chief executive and Sky's chairman. The offer, which represents a premium of 36 per cent to Sky's share price just before news of the deal broke, has won preliminary approval from Sky's independent directors. But it could leave investors wanting more.

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