Sky investor Polygon says Fox offer undervalues broadcaster [Reuters]
Fox Corporation - Class B (FOX)
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Source: Reuters
Sky investor Polygon says Fox offer undervalues broadcaster | Reuters Reuters Staff 1 Min Read LONDON (Reuters) - Hedge fund Polygon Global Partners, which is an investor in Sky ( SKYB.L ), said the outcome of the English Premier League soccer rights auction supported its view that the takeover by Twenty-First Century Fox ( FOXA.O ) undervalues the British company. “From the time of Fox’s offer, we recognized that Sky was worth far more than offered,” Nicolas Dautigny, a senior portfolio manager at Polygon, said in a statement to Reuters. “Yesterday’s news reinforces our view.” Following the auction of domestic Premier League rights for 2019-22, Sky said it would be spending 16 percent less per game than under its present three-year deal. Shares in Sky rose 3.5 percent to a two-year high of 10.98 pounds earlier on Wednesday, exceeding the 10.75 pounds per share that Fox agreed to pay for the group in December 2016. Reporting by Ben Martin; Editing by Keith Weir All quotes delayed
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