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Odey rethinks support for Fox's 'rather mean' Sky bid

Odey rethinks support for Fox's 'rather mean' Sky bid

by David Campbell Aug 10, 2017 at 08:55

Crispin Odey (pictured) has said that he is reconsidering his earlier staunch backing for 21st Century Fox’s (FOXA.O) attempted takeover of Sky (SKYB), saying that the £11.7 billion bid no longer fairly values the business.

In an interview with Reuters, Odey, who is Sky’s 15th largest shareholder with a 1% stake in the company’s equity, said the £10.75 per share offer from Rupert Murdoch's US media group was ‘now starting to look rather mean’.

‘The truth is, the longer this goes on the more that I would be quite happy if it failed,’said Odey. ‘[Fox is] getting it at what now looks like quite a cheap price.’

After withdrawing a previous attempt to purchase the 61% of Sky held by external investors in 2011 in light of News Corp’s phone hacking revelation, Murdoch returned with a new bid last year.

The Department for Digital, Culture Media and Sport ruled last month that Fox passed fit and proper rules for media ownership, but referred the bid to the media regulator on media plurality grounds.

Odey previously clashed with Sky three years ago when he rejected an initial offer to purchase his shares in the company’s German sister company Sky Deutschland. 

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