Sky agrees to be acquired by Fox for GBX 1075 per share.
Fox agreed on Dec. 9 to acquire the 61% of narrow-moat Sky it doesn't already own at GBP 10.75 per share. We believe the offer is a fair price as it is slightly about our fair value estimate of GBP 10.10. We are not surprised with the offer as Sky's stock had fallen below the level at which Fox previously attempted to buy the company in 2011. That attempt was dropped, however, due to a phone hacking scandal at Fox's News of the World newspaper and the following political uproar. Five years later...
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