Comcast Wins Auction for Sky with Bid of GBX 1728, May have Found the Winner’s Curse
The bidding war for Sky is nearing an end. With neither Comcast or Fox making an offer labeled as final, the U.K. Takeover Panel exercised its rights to take the bidding to a final auction. The auction was held on Saturday Sept. 22, with Comcast bidding GBX 1728 per share, 10% more than Fox’s GBX 1567 offer. Both offers were significantly higher than their previous bids of GBX 1476 and GBX 1400, respectively. The offers are great for Sky shareholders, but we believe Comcast will struggle to gene...Sky is an entertainment and communications company, engaged in the operation of pay television broadcasting and home communications services, including the provision of broadband and telephone operations. Co. operates in three segments: UK and Ireland, which is involved in the activities and operations of the pay TV, home communications, mobile and adjacent businesses; Germany and Austria, which is involved in the activities and operations of the pay TV and adjacent businesses; and Italy, which is involved in the activities and operations of the pay TV and adjacent businesses. Co. provides entertainment from live sporting events, drama, U.S. and local shows and blockbuster movies.
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