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PPF Launches €7 Partial Takeover Bid for ProSiebenSat.1, Challenging MediaForEurope

ProSiebenSat.1's management backs PPF's higher all-cash bid as a long-term investment option, intensifying the contest for control of Germany's second-largest broadcaster.

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Overview

  • Czech investment group PPF has announced a €7 per-share partial takeover bid to raise its stake in ProSiebenSat.1 from around 15% to 29.99%.
  • PPF's offer represents a 21% premium over MediaForEurope's €5.74 per-share bid and has been welcomed by ProSiebenSat.1's executive board.
  • MediaForEurope, which recently increased its stake to 30.14%, had launched a minimum-price takeover offer in March, now approved by BaFin with a deadline of June 6.
  • ProSiebenSat.1 shares surged over 10% on the German market following the announcement of PPF's bid.
  • The competing bids highlight a strategic battle over ProSiebenSat.1's direction, with PPF emphasizing long-term shareholder value and MFE advocating for a content-focused media conglomerate.