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A round up of key developments in corporate transactions covered by Lexis®PSL Market Tracker this week.
Sky plc (Sky) shareholders have finally reached the end of the bid for Sky between Comcast Corporation (Comcast) and Twenty-First Century Fox Inc. (Fox). The auction established by the Takeover Panel on 20 September 2018 had put an end to any further delays caused by both bids which resulted in Comcast being the ultimate bidder. Subsequently, Fox announced that it intended to sell its shareholding of 39% in Sky to Comcast and let its offer lapse.
Following the results of the auction, Comcast acquired more than a 30% shareholding of Sky through market purchases at a price of £17.28 per share. Comcast’s acquisition of the 30% interests or voting rights in Sky shares prompted its offer to be a recommended mandatory offer pursuant to Rule 9 of the Takeover Code.
On 4 October 2018, Comcast acquired Fox’s 39.12% share. Fox’s offer lapsed on 6 October 2018, after receiving acceptances of 0.05% of the issued share capital in Sky. Comcast announced on 9 October 2018, that its mandatory offer was wholly unconditional with Comcast holding 76.84% (which also included Fox’s acquired shareholding) of Sky’s issued share capital.
Eurotorg Holdings, the Belarusian food retailer, announced its intention to list on the LSE’s Main Market on 4 October, making it the first Belarusian company with plans to list internationally. Eurotorg is Belarus’ largest grocery chain, owning 19% of the food market in Belarus. The company confirmed its intention to list on the LSE on 10 October 2018 and outlined the structure of the offer. The offer consists of Global Depository Receipts representing interests in ordinary shares in the company, and the total offer size is expected to total £227 million.
On 11 October the Department for Business, Energy & Industrial Strategy (along with the Race Disparity Unit) launched a consultation on ethnicity
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