Sky sets share price for Sky Deutschland ‘squeeze out’

sky_logo_1Sky will pay €6.68 (US$7.52) per share to the remaining shareholders in Sky Deutschland as part of a ‘squeeze out’ process to take over the remaining 3.95% of the firm that it doesn’t already own.

The squeeze out resolution is due to be approved at an extraordinary general meeting of Sky Deutschland on July 22, according to Sky.

Sky said the price is based the “volume weighted average share price” of Sky Deutschland for the three-month period ending February 17, and the high-end of a formal valuation of the business.

Sky said the cash compensation figure has been examined and confirmed by an independent valuer appointed by the competent Munich Court, in line with the German Stock Corporation Act.

The announcement follows Sky’s takeover of Sky Deutschland and its sister company in Italy last November, creating a single international Sky operating across all three countries. Sky currently holds 96.05% of the shares in Sky Deutschland.