Overview

• ProSiebenSat.1’s management and supervisory board now deem Media for Europe’s proposal of 1.3 MFE shares plus €4.48 per share appropriate and urge shareholders to accept it
• PPF Group has confirmed it will not raise its rival bid, maintaining its cash offer of €7 per ProSiebenSat.1 share
• Both takeover offers remain open until the August 13 deadline and the board’s advice carries no binding obligation for investors
• Culture Minister Wolfram Weimer and the Deutsche Journalisten-Verband have expressed concerns over preserving journalistic and economic independence under new ownership
• Media for Europe, controlled by Silvio Berlusconi’s heirs, plans to fold ProSiebenSat.1 into its vision for a pan-European broadcasting group