Skyzophrenia: Crispin Odey in two minds about the BSkyB and and Sky Deutschland deal
Odey Asset Management founder Crispin Odey has found himself in an awkward position, one which could well leave him falling out with, er, himself.
Odey is a shareholder in both BSkyB and Sky Deutschland. By his own admission, he is for BSkyB’s acquisition of Sky Deutschland when he has his BSkyB hat on, but when he swaps hats, thinks BSkyB’s offer undervalues Sky Deutschland.
He therefore says he won’t tender Sky Deutschland shares at the current offer price of €6.75 per share.
“With my Sky shareholder hat on, I think ‘what a good deal’,” Odey said. “I think it is the right thing to be doing. It is a very strange feeling [being a cross shareholder].”
Which ever way it goes, Odey can be sure of having a drinking partner in himself when the deal is worked out.
One of the monkeys on his shoulder will be celebrating, the other might be drowning its sorrows.