Sky TV has ended discussions about a potential take-over with an unnamed third party. Photo: Supplied / Richard Parsonson
Sky TV has terminated discussions about a potential takeover, after rejecting a bid that fell short of expectations.
Last month the company revealed it received a non-binding expression of interest to be bought by an unnamed third party.
It said the interest was highly preliminary, confidential and incomplete.
But in a share market announcement on Wednesday morning, Sky said it received an updated non-binding offer from the third party yesterday.
"[The third party was] proposing a transaction at a value range which falls short of the board's view of the fair intrinsic value of Sky and, based on recent unsolicited feedback, the view of a number of Sky's institutional shareholders," Sky said in a statement.
The company rejected the offer and ended discussions.
It said that with talks ended, the board would recommence its share buyback programme on the same terms announced at the end of March.