Sky TV and Vodafone have dropped plans to merge operations. The competition regulator had rejected the $3.44 billion media merger, saying the combined group would substantially lessen competition. The merger would have seen Sky TV buying Vodafone NZ for $3.44b, funded by a payment of $1.25b in cash and the issue of new Sky TV shares at a price of $5.40 per share. Vodafone would have become a 51 per cent majority shareholder in Sky TV, in what amounted to a reverse takeover. Sky shares last traded at $3.39 and have shed 23 per cent over the past year.

Source: Otago Daily Times June 25, 2017 21:45 UTC