Two important investors in UK pay-TV provider BSkyB have declared against selling out to News Corp even if it were to make a bid of 800p a share, according to a report in the Daily Telegraph newspaper.
Hedge fund manager Crispin Odey, who owns a 3% stake in the company, said that Sky would be undervalued even at 800p (0.96)Â a share. Stephen Adams, a fund manager at insurance group Aegon, another investor in the company, told the newspaper that News Corp needed to raise its bid to 900p a share to acquire the 61% of the company it did not already own.
Yesterday, BSkyBÂs independent directors, led by Nicholas Ferguson, rejected News CorpÂs upgraded 700p a share for the company but said they could recommend a price of 800p. However, BSkyB and News Corp struck an agreement to move forward with securing regulatory approval for a merger.
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