The board of Sky Deutschland has recommended that minority shareholders vote against BSkyB’s offer to buy a controlling stake in the German pay TV operator, claiming that the €6.75 per share offer is too low.
Sky Deutschland’s board said that BSkyB’s offer, at a 40 cent premium to the share price before the deal was revealed, undervalues the company. However, they did not object to the rationale for the deal, saying that the companies “ideally complement each other”.
BSkyB is trying to create a single European satellite broadcaster by combining with its German and Italian sister companies. The recommendation will not scupper BSkyB’s plans because it has agreed to buy a controlling 57 per cent stake in Sky Deutschland from 21st Century Fox, the American