Non-Fox Shareholders: Official Bid and Approval Threshold

non-fox shareholders: Fox owns 39.14% of Sky and has 37.19% of voteable shares, but under a scheme of arrangement it is not allowed to cast its votes, according to The Guardian. The 75% approval threshold must be met by votes from non-Fox shareholders. Advisers on the transaction between Sky and Fox, which is expected to lodge an official bid later this week, are pursuing a so-called scheme of arrangement . This tactic, which requires Sky to gain approval from investors representing 75% of the voting rights, will ensure that all shareholders against the deal are forced to sell once the threshold is reached. Does Rupert Murdoch Sky takeover bid pass the public interest test Read more Sky has a significant shareholder base that is disgruntled with elements of Fox management of the business. Murdoch was approved by 71.55% of total shareholders when Fox voting power was included. In October, more than 50% of Sky independent shareholders voted against James Murdoch reappointment as chairman. (news.financializer.com). As reported in the news.