GETTY 21st century fox have proposed a takeover bid for SkY

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Sky PLC's stock price jumped by more than 30 per cent following the news. The two firms have reached an agreement on an offer price of £10.75 per share.



However, the Sky said the terms of the deal are under discussion and it is nor certaint that an official offer will be made.



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21st Century Fox, a major shareholder in Sky, has tabled a proposed offer representing a 40 per cent premium of Sky's share price of 759.4p on Tuesday. Sky said it has formed an independent committee to consider the proposal as it looks to protect the interest of shareholders.



The firm announced in October that sales rose five per cent in the first quarter, driven by growth in Germany and Austria.



UK revenues grew five per cent to £2.1 billion and group sales were up seven per cent to £3.1 billion on a constant currency basis.