New Zealand's Sky Network Television ends buyout talks (updated)

Sky Network Television

07/11/2023 21:27

(Adds background and details of termination in paragraphs 2-6)
       Nov 8 (Reuters) - New Zealand's Sky Network Television
 SKT.NZ  said on Wednesday it has terminated discussions with a
third-party regarding an updated conditional and non-binding
takeover offer for all the shares of the company.
    The media firm had received an initial takeover offer in
October.
    The updated offer by the third-party, whose name was not
disclosed, proposed a transaction value range which fell short
of its fair intrinsic value, Sky Network said.
    Sky Network is currently valued at around NZ$408.5 million
($242.32 million).
    The company did not immediately respond to a request for
comment on the range of the transaction value that was offered.
    Sky Network Television said it has restarted a share buyback
worth NZ$15 million after the discussions were terminated.
    The company's shares were down 5.3% at NZ$2.69.

 ($1 = 1.6858 New Zealand dollars)

 (Reporting by John Biju in Bengaluru; Editing by Shounak
Dasgupta)
 ((John.Biju@thomsonreuters.com))