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via mediaweek.co.uk
News Corp rebuffed after £7.8bn offer to buy remainder of Sky
The independent directors of BSkyB have rejected an offer from Rupert Murdoch's News Corporation of 700p a share for the 60.9% of the company not already owned by News Corp. In a statement to the city the independent directors said following advice from investment banks Morgan Stanley and UBS they believe the offer significantly underestimates the value of BSkyB.
The independent directors have indicated to News Corp that they would have been able to support a proposal if it would deliver more than 800p a share or higher.
