Sky Deutschland Board Urges Investors to Reject BSkyB Offer

UNTERFÖHRING: The management board and supervisory board of Sky Deutschland have advised minority shareholders not to accept an offer from BSkyB, saying that the current bid undervalues the pay-TV operator.

In July, BSkyB agreed to buy the 57-percent stake in Sky Deutschland that is owned by 21st Century Fox for £2.9 billion ($4.7 billion). As part of the agreement, BSkyB also offered to buy the shares of Sky Deutschland's minority shareholders for 6.75 euros ($8.75) each. This is a small premium on the company's current share price. The offer, according to a joint statement from the company's executive and supervisory boards, “does not reflect the full potential and thus intrinsic value of Sky Deutschland’s business.”