LONDON (Reuters) – Hedge fund manager Crispin Odey has said he is considering withdrawing his support for Twenty-First Century Fox’s attempt to take over Sky , saying he believes the 11.7 billion pound ($15.20 billion) deal undervalues the British broadcaster.
Odey, who is the 15th biggest Sky shareholder with a 1 percent stake according to Thomson Reuters data, had said he backed the bid when it was announced in December.
Reuters - Delays - Support - Fox - Pound
However, he told Reuters that regulatory delays have prompted him to reconsider his support for Fox’s 10.75 pound a share offer for the 61 percent of Sky it does not already own.
His change of stance comes after Rupert Murdoch’s attempt to take full control of Sky faced another obstacle when the British government’s Department for Digital, Culture, Media and Sport said on Tuesday it had asked communications regulator Ofcom to re-examine the deal.
Truth - Odey - Fox - Price - Offer
“The truth is, the longer this goes on the more that I would be quite happy if it failed,” Odey said, adding that Fox is “getting it at what now looks like quite a cheap price” and that the offer is “now starting to look...
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