BSkyB shares rebound after News Corp withdraws bid

Shares in BSkyB have rebounded after a 3% fall this afternoon as Rupert Murdoch bowed to pressure to withdraw his bid for the remaining 61% of the broadcaster.

The media mogul announced his intention to withdraw the takeover bid ahead of a House of Commons vote on whether to call on him to abandon the plans. All three major political party leaders said they supported the motion, which would not be legally binding on News Corporation. The Guardian quoted deputy chairman and chief operating officer, Chase Carey, as saying the Sky takeover "is too difficult to progress in this climate". The proposed £8bn deal has been in train for more than a year, with the first offer tabled in June 2010, according to the Guardian. Last Sunday saw the pu...