UK pay-television broadcaster BSkyB has said it now expects to own at least 69 per cent of pay-television broadcaster Sky Deutschland once the takeover period closes.
The development comes after more Sky Deutschland minority investors than expected signed up to the offer.
BSkyB said the combination of the acceptances received during the initial acceptance period and the acquisition of the 57.4 per cent stake held by media company 21st Century Fox would result in it acquiring a minimum of 68.79 per cent of Sky Deutschland.
BSkyB last week moved another step closer to sealing the acquisitions of Sky Deutschland and fellow pay-television broadcaster Sky Italia by announcing it had received approval for the deal from German state media authorities.
BSkyB said it obtained “unconditional media concentration clearance” from the state media authorities in Bavaria, and Hamburg and Schleswig-Holstein, for the acquisition of 57.4 per cent of Sky Deutschland. BSkyB’s proposal to acquire Sky Deutschland and Sky Italia was earlier approved by its shareholders.
In July, BSkyB announced a deal to acquire 21st Century Fox’s 100-per-cent stake in Sky Italia and 57.4-per-cent interest in Sky Deutschland, bringing together the leading pay-television businesses in three of Europe’s four biggest markets.
Under stock market rules, BSkyB extended its €6.75 ($8.5) per share offer for the German business to other shareholders. A further acceptance period will run until November 3.