LONDON: Hedge fund Polygon Global Partners, which is an investor in Sky , said the outcome of the English Premier League soccer rights auction supported its view that the takeover by Twenty-First Century Fox undervalues the British company.
"From the time of Fox's offer, we recognized that Sky was worth far more than offered," Nicolas Dautigny, a senior portfolio manager at Polygon, said in a statement to Reuters. "Yesterday's news reinforces our view."
Following the auction of domestic Premier League rights for 2019-22, Sky said it would be spending 16 percent less per game than under its present three-year deal.
Shares in Sky rose 3.5 percent to a two-year high of 10.98 pounds earlier on Wednesday, exceeding the 10.75 pounds per share that Fox agreed to pay for the group in December 2016.
(Reporting by Ben Martin; Editing by Keith Weir)