Rupert Murdoch Moves Towards BSkyB Takeover, Gets Blocked

News Corp boss Rupert Murdoch has quite a struggle on his hands as the company’s attempts to take over British satellite broadcasting company BSkyB have been thwarted, at least for the time being.

BSkyB believes News Corp undervalued the worth of their company when placing a bid for 700p a share. News Corp is currently attempting take over the remaining 60.9 percent of BSkyB they don’t already own.

The broadcasting company’s independent directors went on to add that, after talks with Morgan Stanley and UBS, they believe a bid closer to 800p were share would be more acceptable. While the company’s shares have typically traded between 525p and 630p, the price was driven up to 715.5p per share following news of News Corp’s offer. News Corp’s initial bid, on June 10th, was 675p a share.

News Corp, which nearly walked away from the deal, will go on to seek regulatory approval for the takeover.

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