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Fox confirms possible Sky takeover offer

21st Century Fox Inc. confirmed it reached an agreement in principle in relation to a possible offer to acquire the remaining shares of European pay TV group Sky plc that it does not already own.

The £10.75 per-share proposal would be payable in cash less the value of any dividends subsequently paid by Sky.

Fox, which already owns more than 39% of Sky, said Dec. 9 that Sky's independent directors, who have received financial advice from Morgan Stanley, PJT Partners and Barclays, have indicated that they are willing to recommend the possible offer to Sky shareholders, subject to reaching agreements on other terms. However, discussions are continuing and the possible offer may or may not lead to an offer being made by 21st Century Fox.

Fox's offer of £10.75 per share represents a premium of 36% to Sky's closing price on Dec. 8.

Sky's independent committee of the board, comprising Martin Gilbert, Andrew Sukawaty, Jeremy Darroch, Andrew Griffith, Tracy Clarke, Adine Grate, Matthieu Pigasse and Katrin Wehr-Seiter, is considering the terms of the possible offer.