Sky noteholders give merger approval at rescheduled meeting

Sky TV noteholders today voted in favour of the merger of the company with INL.

Shareholders in both companies last week also voted overwhelmingly in favour of the merger.

The vote took place today after a meeting earlier this month failed to attract a quorum.

Under the terms of the merger deal Sky TV and 78 per cent owner INL will be amalgamated into a third company, MergeCo, which will then be renamed Sky Network Television.

Under the scheme Sky shareholders would receive $1.28 and one MergeCo share for each Sky share. Each INL shareholder would receive $1.78 and 0.836 of a MergeCo share for each INL share.

The plan now just needs to get High Court approval at a hearing on June 27.

Sky shares were unchanged at $6.90 this morning while INL was unchanged at $6.55.

- NZPA