Business News
Murdoch's BSkyB takeover offer rebuffed
Jun 15, 2010, 10:46 GMT
London - Media mogul Rupert Murdoch attempted to gain full control of British satellite broadcaster BSkyB but saw his initial takeover attempt rebuffed by the channel, his News Corporation said Tuesday.
News Corporation said it had offered seven pounds (10.3 dollars) per share for the 61 per cent of BSkyB it does not currently own, valuing the broadcaster at 12 billion pounds.
However, BSkyB, while rejecting the offer as too low, said it was continuing to work for a deal, for which it hoped to receive 'in excess of 800 pence' a share.
News Corporation's interests include The Times and The Sun newspapers in Britain and the Wall Street Journal in the US. BSkyB is the biggest subscription-based TV channel in Britain and Ireland. Murdoch's son, James, is BSkyB chairman.
News Corporation currently owns 39.1 per cent of BSkyB, whose shares went up by 21 per cent on the London stock market on the news Tuesday.
Both parties had agreed to work together to proceed with the regulatory process in order to facilitate a proposed transaction,' said News Corporation.
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