UK pension funds demand fair price offer for Sky

British public sector pension funds yesterday called for an “appropriate” premium in any potential deal between Twenty-First Century Fox and Sky, as well as for safeguards to protect minority shareholders.

Rupert Murdoch’s Twenty-First Century Fox aims to table a firm cash bid valuing Sky at £10.75 per share for the 61% of the British broadcaster it does not already own.

“All directors of Sky have a duty not to disadvantage the public shareholders, and the position of the non-executives will need to be robust to ensure that the premium paid is appropriate and that shareholders are not disadvantaged by any temporary low in the share price,” said Kieran Quinn, chairman of Britain’s Local Authority Pension Fund Forum (LAPFF).