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Could hedge fund manager spark exodus of support for takeover

Hedge fund manager Crispin Odey is pondering dropping his support for 21st Century Fox’s bid to buy Sky (SKY) on the basis the £11.7bn bid undervalues the pay-TV broadcaster.

Odey is only the 15th biggest shareholder in the company with a stake of 1%, but if further support erodes off the back of continuing regulatory delays then the deal could conceivably collapse even if it gets the belated backing of the authorities.

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