Investment bankers called in over fears BSkyB will be sold too cheaply
Fears that BSkyB will be sold too cheaply have lead to invstors to consider appointing their own investment bankers in a bid to secure the highest possible offer for the broadcasting company.
Shareholders are keen to secure a full and fair price for BSkyB in Rupert Murdoch’s proposed takeover.
Culture secretary Jeremy Hunt chose not to refer Murdoch’s News Corp’s bid to the Competition Commission following the media giant’s agreement to spin off Sky News as an independent company.
There remains concern however that BSkyB will be sold too cheaply and that the company board will not be fully independent.
According to the Telegraph, concerned investors include Odey Asset Management, Fidelity and Blackrock, with Taconic Capital Advisors also said to be apprehensive.
Leading shareholders have called for an offer of at least 950p a share, which would cost News Corp more than £10bn to secure the 61% of shares it currently does not own.
In the event that Sky News be separated from BSkyB, News Corp be required to fund Sky News under a 10-year carriage agreement to ensure its financial viability. Former city minister Paul Myners, at the centre of controversy in 2009 over the amount of pension paid to Fred Goodwin, has applied to become the independent chairman of Sky News according to the Telegraph.