Investors 'to profit from Sky battle' says hedge fund manager Crispin Odey
Activist investor: Crispin Odey says the latest developments put shareholders in pole position
Dramatic developments in Rupert Murdoch’s long-running battle to seize control of Sky have put shareholders in pole position, says Crispin Odey.
The activist investor, who owns a £180 million stake in Sky and is a former son-in-law of Rupert Murdoch, has been critical of the family’s attempts to buy the 61 per cent of Sky they do not already own, claiming they undervalue the company.
A complicated ruling by the Takeover Panel last Thursday means Disney may have to buy Sky for £10.75 a share if other buyers fall away, valuing the pay-TV company at £18.5 billion.
However, Murdoch’s 21st Century Fox and US media giant Comcast are also bidding.
Odey, the boss of hedge fund Odey Asset Management, said the development is ‘very good news for shareholders’ because it has brought to light how many firms could be interested in Sky.
US media giant Comcast proposed £12.50 per share in February, but Odey believes the price for Sky could climb as high as £16 per share if a bidding war breaks out between Comcast and Disney.
‘They are two big gorillas and neither likes to lose,’ he said.
Disney is set to buy Fox’s entertainment assets in a separate deal and does not have to make an offer for Sky until the £37 billion deal is complete.
Meanwhile, Fox is under scrutiny from the European Commission as part of an investigation into a sports rights cartel. Investigators raided Fox’s London offices last week, seizing documents and computer records.
Most watched Money videos
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Paul McCartney's psychedelic Wings 1972 double-decker tour bus
- German car giant BMW has released the X2 and it has gone electric!
- Mini unveil an electrified version of their popular Countryman
- Iconic Dodge Charger goes electric as company unveils its Daytona
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- How to invest to beat tax raids and make more of your money
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- How to invest for income and growth: SAINTS' James Dow
- MARKET REPORT: Retailers lead the way on FTSE's historic day
- Are you a backseat driver? The 20 telltale signs you're a...
- Bereaved families paid a record £7.5bn inheritance tax...
- THG sales accelerate amid strong demand for beauty products
- How do I claim for pothole damage to my car on a private...
- Takeovers leave UK stock market facing 'death by a...
- CVC Capital Partners' float to hand private equity tycoon...
- Convicted rate-rigger Tom Hayes in fresh appeal as he...
- Petrol surpasses 150p a litre - cost of filling up is now...
- Electric Range Rover revealed during Arctic Circle...
- Struggling Asda promises to cut £3.8bn debt pile
- Royal Mail steps up defence in bid battle with 'Czech...
- FTC sues to block Coach owner Tapestry's $8.5bn takeover...
- JD Sports to buy US sportswear retailer Hibbett for £899m
- Grindr faces lawsuit over claims it shared HIV data with...
- Legal battle turns ugly at Revolution Beauty after former...
- Thames Water customers face huge increase in bills
- AB Foods shares soar as Primark owner eyes 'significant...