Comcast Buys More Than 30% Stake In Sky; Offer Now Mandatory

(RTTNews) - Comcast Corp. (CMCSK, CMCSA) announced Tuesday that its indirect unit Comcast Bidco Limited has acquired 515,885,170 Sky Shares at 17.28 pounds per Sky Share representing approximately 30 percent of the Sky Shares currently in issue.

Comcast's recommended superior cash offer is now a mandatory offer for Sky shares not already held by Comcast. Comcast said it will continue to make market purchases of Sky Shares.

The consideration under the Mandatory Offer implies a value of approximately 30.6 billion pounds for the fully diluted share capital of Sky.

Comcast Bidco is required to revise the terms and conditions of the Second Increased Offer in accordance with Rule 9 of the Code.

As the Mandatory Offer is expected to complete before the usual date for declaration and payment of the final dividend for the financial year ended 30 June 2018, the Mandatory Offer includes an amount in lieu of a final dividend in respect of the financial year ended 30 June 2018.

Comcast Bidco will reduce the price of 17.28 pounds per Sky Share by an amount equal to the amount of any dividend per Sky Share which is announced, declared, paid or becomes payable by Sky to its Shareholders following the conclusion of the auction procedure.

The Sky Independent Committee continues to view Comcast's offer as materially superior and give unanimous recommendation, and urged Sky Shareholders to accept immediately.

Further, the company noted that eligible shareholders outside the United States interested in selling Sky Shares should contact BofA Merrill Lynch.