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Sky has been approached with a takeover bid from Rupert Murdoch's media giant News Corporation, it has been revealed.

The broadband and TV provider has released a statement revealing its board of directors have chosen to turn down the offer, which is estimated to have been made at 700p per share.

However, the possibility of a deal does not appear to be dead in the water, as Sky's directors have suggested any offer in excess of 800p per share would satisfy its current demands.

Discussing the issue, Sky's Senior Independent Non-Executive Director Nicholas Ferguson said there was a "significant gap" between the offer and the company's perceived value.

He added: "The independent directors remain fully committed to acting in the interests of all shareholders and will continue to meet on a regular basis."

News of the takeover bid has come after Sky recently acquired the digital TV channel portfolio of Virgin Media in a deal worth £160 million.

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