BSKYB’S staff have been told by chief executive Jeremy Darroch that they should not be distracted by the near £8bn takeover bid launched last week by the group’s largest shareholder News Corporation.
Darroch, who sits side by side on the Sky board with directors who have rejected the bid claiming it does not fully value the satellite broadcasting group, addressed staff in an email shortly after the announcement of the News Corp offer.
He urged staff to continue to focus on serving Sky’s customers and continuing to gow the company.
So far News Corporation has lodged an indicative offer for the 61 per cent of the shares it doesn’t own in Sky at a price of 700p a share.
“I know that today’s bid news will generate a lot of noise and raise many questions. But the important thing for all of us is that we do not get distracted. If there are further developments, I will make you aware of them as quickly as possible,” Darroch wrote.
The group’s independent directors led by Nicholas Ferguson say the News bid substantially undervalues the company.
This process could take a number of months, after which time News Corporation will decide whether to go ahead with a formal offer and on what exact terms.
I know that today’s news will generate a lot of noise and raise many questions. But the important thing for all of us is that we do not get distracted. If there are further developments, I will make you aware of them as quickly as possible.
In the meantime, we must stay focused on our plan and on delivering for customers. As our last set of results showed, the business is performing well and we have an exciting opportunity ahead of us.