Merged Sky and INL to debut in NZSX top 10

Sky TV and INL's merger will be completed today, opening the way for the new company to make its debut among the sharemarket's top 10 listings on Monday.

The two companies were granted final orders approving their merger by the High Court last Monday.

The merger will see Sky and INL amalgamated into a new company, Merger Co, which will be renamed Sky Network Television and listed on the NZSX and the ASX.

Sky and INL shareholders will have their share statements and cheques posted out today. Sky shareholders will receiving $1.28 a share and one Merger share for each Sky share. INL shareholders will receive $1.78 a share and 0.8360 of a Merger share for each INL share.

UBS broker Campbell Stuart said some of the New Zealand market's strong run this week was attributable to some of the Sky TV and INL payout coming back into the market.

Quotation of INL and Sky shares on the NZSX was suspended on Tuesday, while Merger shares have been quoted on a conditional basis. The new Sky TV is expected to be among the market's top 10 stocks.

- NZPA