News Corporation already owns 39% of British Sky Broadcasting (BSkyB) and has made a bid to buy out other shareholders for 700 pence per share, which works out to about $12 billion. But the non-News Corp. directors of BSkyB have said that’s not enough.
According to News Corporation, it approached the board of BSkyB on June 10th with an offer of 675 pence per share and subsequently raised the offer to 700 pence. The independent directors, however, have asked for a price of 800 pence.
So far, News Corporation is sticking with its 700 offer for the satellite TV company. It insists that the bid is an attractive price and represents a 22% premium to where the stock was trading when it made the initial offer.