Sky declares Amstrad takeover unconditional

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BSkyB's £125m acquisition of Sir Alan Sugar's digital set-top box maker Amstrad has received the go-ahead from the company's shareholders. In a statement to the City, Sky said its offer for the business—which supplied 30% of Sky's set-top boxes in the year to June—had been declared fully unconditional after receiving support from investors representing 89.4% of Amstrad's issued share capital.

The approval is the last hurdle to be cleared in Sky's takeover of Amstrad. Last month the Office of Fair Trading said the acquisition would not breach competition rules set out in the Enterprise Act 2002.

Announcing the sale of Amstrad to Sky in July, Sugar—who founded Amstrad nearly 40 years ago—said: "I cannot imagine a better home for the Amstrad business and its talented people. Our companies share the entrepreneurial spirit of bringing innovation to the largest number of customers. Sky is a great British success story."

Sugar will remain with Sky as a consultant, but will now focus on building his £300m property portfolio.

Lovelace Consulting  |  05.09.2007

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