Martin Gilbert, the deputy chairman of Sky PLC (LON:SKY), is to focus his efforts on the satellite broadcaster’s protracted takeover after mining giant Glenore PLC (LON:GLEN) granted him a leave of absence from his role as director.
Gilbert, who is also the co-chief executive at Standard Life Aberdeen PLC (LON:SLA), will return to his role at Glencore in mid-October, the miner said in a stock market announcement.
“Owing to his current commitment as deputy chairman of Sky in respect of its protracted competitive bid situation, the board has granted to Martin Gilbert a leave of absence as Director until mid-October 2018.”
READ: Sky pulls recommendation for Fox takeover bid
Sky is in the middle of a complex takeover battle, with 21st Century Fox Inc (NASDAQ:FOXA) and Comcast Corp (NASDAQ:CMCSA) both lodging formal bids.
Fox was the first to make an approach, bidding £11.7bn for the 61% of Sky it doesn’t already own. This offer was recommended by Sky to its shareholders and is currently being reviewed by the government, which is expected to make a final decision by June 13.
Sky pulled its support for this bid last month though, after Fox’s US rival Comcast came in with a more lucrative £22bn offer.
Adding to the drama is the Walt Disney Company’s (NYSE:DIS) takeover of Fox. Should the Fox deal get the green light from the government and Sky’s shareholders, it is expected that Sky will be transferred to Disney, assuming that takeover gets the go-ahead as well.
Sky investors are clearly expecting a bidding war to kick off, with the share price currently sitting at £13.64 – comfortably ahead of Fox’s offer of £10.75 and Comcast’s £12.50 bid.