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Investors back BSkyB directors

A number of prominent investors in BSkyB have stepped forward with their support for the BSkyB board of directors who recently turned down an indicative takeover offer from Rupert Murdoch's News Corporation. It is believed that a potential offer in the region of seven pound a share, valuing the company at £12.6 billion, was suggested although many in the city believe a minimum price should be in the region of eight pounds a share.

This is a very tricky situation for the BSkyB board of directors because Rupert Murdoch's News Corporation already owns 39% of the company and has been very prominent and proactive with the group. So far there has been no official confirmation from News Corporation regarding any potential increased offer and in truth there is no rush because the company already has a 39% stake.

There are some who believe that the proposed takeover has been timed to perfection to take advantage of confusion within the new UK government which is still to confirm changes to the takeover laws. However, Rupert Murdoch is a man who does everything his own way and there is no certainty that he will come back with a higher offer, so at the moment investors are being made to play the waiting game.

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