News Corp. said June 15 that it has made an offer to consolidate United Kingdom satellite juggernaut British Sky Broadcasting, proposing to purchase the remaining 61% of the company it doesn't already own for an estimated $11.5 billion.
But both parties are still apart on price - BSkyB has said it would accept an offer of 800 pence ($11.81) per share, while News Corp. has offered 700 pence ($10.33) each. The two have agreed to work together to receive the necessary regulatory approvals and reach an agreement on an appropriate price.
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