GAME ON - NOW CLOSED

The deadline to submit all module entries for A&O Game On has now passed. Any entries received after the deadline will not be marked.

Welcome to Module 5 of Game On. This module is all about a recent, albeit protracted, A&O transaction – the investment by BSkyB in ITV and related antitrust investigations. We want to find out what you know about high profile transactions of this nature and to give you an opportunity to research them in a bit more detail.

As you know from the introductory video, A&O acted for BSkyB on its investment in ITV, from the outset in November 2006 to the disposal of a significant part of the shareholding in February this year. We advised on corporate and antitrust aspects, which explains the flavour of the questions set out below.

Please provide brief responses to each of the following questions:

  1. Why did BSkyB purchase 17.9% of ITV's shares? Why did it not buy more than 17.9%?
  2. On what basis was it found that BSkyB's shareholding of only 17.9% in ITV was likely to lead to a significant lessening of competition between BSkyB and ITV? 
  3. In your view, was the conclusion that BSkyB should divest the majority of its ITV shares reasonable? What were the alternative remedies suggested by BSkyB?
  4. What position did the Competition Commission and the Secretary of State take in BSkyB's appeal to the Court of Appeal?
  5. There are two different methods of implementing a "block trade". Please summarise the main features of each method and explain the key legal distinctions.
  6. Why did the disposal not require BSkyB shareholder approval? What Listing Rules and other regulatory requirements would BSkyB nonetheless have had to satisfy?

The maximum word limit for this module is 900 words and so please aim to answer each question in no more than 150 words. We will mark your submission as soon as we receive it and update the league table accordingly. There are five points available for each question; 30 points in total. Prizes will be awarded for the top three submissions.

Please email your Module Five response to caroline.lindner@allenovery.com by 2nd April when all entries for A&O Game On must be submitted.