SKT - Sky Network Television

[LoungeLizard]

At this point, the Board look guilty of just protecting their own jobs, in not letting shareholders know what it is they were rejecting. They might get some serous flak about this when/if the details emerge.

[Basil]

Hope it doesn't end up like the Steel and Tube fiasco rejecting Fletchers $1.90 takeover offer and now trading at half that.
Keeping their snouts in the pig trough is exactly what the STU board did and got away with it.

[LoungeLizard]

What a fail

Yep, I have to agree. If the source is correct this is very bad and as I say, the Board look like putting their interests before shareholders. At the very least, even if the Board didn't think $3.70 was enough! - it should have been put to a vote.

[Mysterion]

MistaTea after seeing the offer

[LoungeLizard]

Anyone know the rules about what level of discretion Boards have in rejecting offers? Obviously if it is a clear lowball over, they can walk away without asking shareholders, but it would seem to me that if there is a substantive offer on the table, shouldn't shareholders be allowed to vote on it? The STU experience suggests otherwise but I'm surprised if that's the case.

[Mysterion]

Hope it doesn't end up like the Steel and Tube fiasco rejecting Fletchers $1.90 takeover offer and now trading at half that.
Keeping their snouts in the pig trough is exactly what the STU board did and got away with it.

Does an "Eroad" instead:

-Declines offer
-Buy Mediaworks
-Does heavily discounted placement

[Mysterion]

[Cod]

Sky TV doing an "Eroad" is not out of the bounds of possibility, in my opinion Mysterion, which is the fundamental reason why I sold out at the recent high. I had lost faith that the board would act in the interests of shareholders and would not suffer from some brain fart and buy "stuff media" for 250 million quoting synergies. I would imagine from here that the share price would hold up for as long as the buyback is in place, once that is done the price will invariably drift back to 2,35 to 2,40.
PS: I wouldn't trust Jarden to make me a ham sandwich.

[Mysterion]

Sky TV doing an "Eroad" is not out of the bounds of possibility, in my opinion Mysterion, which is the fundamental reason why I sold out at the recent high. I had lost faith that the board would act in the interests of shareholders and would not suffer from some brain fart and buy "stuff media" for 250 million quoting synergies. I would imagine from here that the share price would hold up for as long as the buyback is in place, once that is done the price will invariably drift back to 2,35 to 2,40.
PS: I wouldn't trust Jarden to make me a ham sandwich.

It looks like Jupitar and ACC are calling the shots. Both happy to hold out as they are long term holders. If Osmium Partners or Blackcrane were still around they would have pushed for the offer.

[LoungeLizard]

It looks like Jupitar and ACC are calling the shots. Both happy to hold out as they are long term holders. If Osmium Partners or Blackcrane were still around they would have pushed for the offer.

I think you're right. Another case where the Mum and Dad investors get shafted by the institutions.

[mistaTea]

So they turn down a half a billion dollar offer...

Yet would have happily spent $200M+ on a piece of sh1te until shareholders revolted.

https://www.nzherald.co.nz/business/mediaworks-owners-said-to-have-appointed-goldman-sachs-to-undertake-strategic-review-media-report/6IOLNAPU2VELZMYA3FHTVUZJOE/

Nice 😊

[Mysterion]

So they turn down a half a billion dollar offer...

Nice 😊

Remember their market cap was $90m at the start of the pandemic.

They obviously think it's gonna 5 bag again from here.

[LoungeLizard]

Hmmm...SKY recommence share buyback with the grand total of 32,500 shares bought. That's of nearly 7 million they could potentially buy. One would almost think they are fishing for another offer?

[Buzz]

Hmmm...SKY recommence share buyback with the grand total of 32,500 shares bought. That's of nearly 7 million they could potentially buy. One would almost think they are fishing for another offer?

Their broker will be instructed to not significantly move the market with buy backs, and considering the sell side is relatively thin and spread, any more than 32k yesterday would have moved the market just by itself.

[LoungeLizard]

Good point. But they are committed - we think - to buying back 7m shares by 31/3. Not many people are buying SKY, principally because of the cloak and dagger way the Board operate, so I can't see how a 7m buyback is not going to affect the SP.