Rupert Murdoch's News Corp. (NWSA) offered to buy the 61% of BSkyB, the British satellite news and entertainment company, that it does not already own for $11.5 billion, according to several news reports. BSkyB immediately rejected the offer, but its shares rose over 20% on the news. Murdoch's offer was 17% above the BSkyB closing price on June 14.

The offer translates to 700 pence per share. BSkyB's board said it would consider an offer of 800 pence. "It is the unanimous view of the Independent Directors that there is a significant gap between the proposal from News Corporation and the value of the company," BSkyB said in a statement on Tuesday.