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4mo ago

PPF’s €7 Per Share Bid Gains ProSiebenSat.1 Board Support Over MFE Offer

As the Czech PPF Group challenges MediaForEurope in a takeover battle, ProSiebenSat.1 shareholders face a pivotal choice ahead of the May 28 AGM.

Das Unternehmenslogo der ProSiebenSat.1 Media SE ist am 23.07.2024 vor einem Bürogebäude des Medienunternehmens in Unterföhring (Bayern) zu sehen. Zum börsennotierte deutsche Medienkonzern gehören unter anderem die deutschen Free-TV-Fernsehsender ProSieben, Sat.1, Kabel Eins und Sixx.
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Overview

  • PPF Group has proposed a €7 per share offer to increase its stake in ProSiebenSat.1 from 15% to just under 30%, without seeking full control.
  • MediaForEurope (MFE) has countered with a €4.48 per share offer plus 0.4% of an MFE share, meeting the statutory minimum of €5.74 per share, aiming to exceed 30% ownership.
  • ProSiebenSat.1’s board has publicly endorsed PPF’s offer but has not commented on MFE’s proposal, signaling a preference for the Czech group’s terms.
  • Over 50% of ProSiebenSat.1 shares are held by free-float shareholders, who must decide between the two offers by June 6, with decisions likely influencing the May 28 AGM in Unterföhring, Germany.
  • As the takeover battle unfolds, ProSiebenSat.1 has announced plans to cut approximately 400 jobs, reflecting operational pressures and cost-cutting measures.