Demand for better bid offer as Sky shares soar
BSkyB shares today soared for the sixth day in a row, leaping 6.5p to 829.5p, as some independent shareholders demand Rupert Murdoch's News Corp pay £11 a share to takeover the pay-TV giant.
City analysts reckon an 1100p offer, which would cost News Corp close to £12 billion, won't happen. But they expect Murdoch will have to pay far more than the 800p that Sky's independent directors, led by Nicholas Ferguson, demanded in June.
Formal negotiations won't begin until Culture Secretary Jeremy Hunt has given official approval after an industry consultation which ends on March 21.
City law firm Slaughter & May is advising The Alliance - media firms opposed to the deal, including BT, Telegraph Media Group, Trinity Mirror, Daily Mail & General Trust and Guardian Media Group.
The Alliance believes plans to hive off Sky News to satisfy regulatory concerns are "not practicable" but will not consider going to court for judicial review until Hunt formally gives the go-ahead.
