(Telecompaper) The management and supervisory boards of Sky Deutschland have recommended shareholders do not accept BSkyB's takeover bid for the company. In a joint statement, the boards said the offer "does not reflect the full potential and thus intrinsic value of Sky Deutschland's business". A fairness opinion obtained for BofA Merrill Lynch also found the offer inadequate. The UK company is offering EUR 6.75 per share for the German pay-TV provider, a premium of only 6.5 percent on the share price the day prior to when BSkyB first announced plans for an offer. This is less than most analyst price targets for the company's shares and less than recent similar takeovers in the sector, according to the boards. Their own discounted cash flow analysis also came to a higher valuation for the company. The takeover offer is open until 15 October. BSkyB earlier reached an agreement to buy 57.4 percent of Sky Deutschland shares from 21st Century Fox.