Telecom quits SkyTV

Independent Newspapers' takeover for Sky TV opened on Friday and Telecom immediately accepted the cash and shares offer for its 10 per cent stake.

But Sky's independent directors, John Hart and Barrie Downey, advised minority shareholders not to sell until they considered the report of independent adviser Deloitte Corporate Finance, which would be mailed on Wednesday.

INL is offering $3.35 in cash for each Sky TV share, plus three INL shares for every 10 Sky TV shares.

INL executive chairman Ken Cowley said the offer would close on December 5.

After buying the Telecom shares, INL owns 78.2 per cent of Sky TV.