Barely three days after winning the blind auction for Sky with its £17.28 bid, Comcast has confirmed that its indirect unit Comcast Bidco Limited has acquired 515,885,170 Sky Shares at that sum representing approximately 30 per cent of the Sky Shares currently in issue.
The development means that Comcast’s recommended superior cash offer is now a mandatory offer for Sky shares not already held by Comcast. Comcast said it will continue to make market purchases of Sky Shares.
The consideration under the Mandatory Offer implies a value of approximately £30.6 billion for the fully diluted share capital of Sky.
Comcast Bidco will reduce the price of £17.28 per Sky Share by an amount equal to the amount of any dividend per Sky Share which is announced, declared, paid or becomes payable by Sky to its Shareholders following the conclusion of the auction procedure.
The Independent Committee of Sky unanimously recommended on September 22nd that Sky shareholders accept the Comcast Offer, and in order to ensure the successful closing of the Comcast Offer, and given the possibility of a delisting of Sky in the near future, urged shareholders to accept “immediately”.
Eligible Sky Shareholders who are institutional investors outside the US interested in selling their Sky Shares to Comcast Bidco were urged to contact BofA Merrill Lynch Corporate Broking. As a result of regulatory requirements, Comcast Bidco is unable to purchase Sky Shares from Sky Shareholders incorporated or located in the US, or where the Sky Shares would be sold from the US.