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ProSiebenSat.1 Boards Endorse Enhanced MFE Takeover Offer

The boards backed a proposal combining €4.48 per share in cash with a 1.3 MFE share allotment contingent on €150 million in annual savings by the August 13 vote.

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ProSiebenSat.1 is one of Germany's biggest media groups

Overview

  • ProSiebenSat.1’s executive and supervisory boards formally recommended that shareholders accept MediaForEurope’s amended voluntary public takeover bid.
  • The revised offer provides €4.48 in cash plus 1.3 MFE Class A shares per ProSieben share, valuing the deal at about €8.07 per share and near €2 billion overall.
  • Shareholders must tender their ProSiebenStock by 6 pm ET on August 13 under German takeover regulations to secure the transaction.
  • The boards’ support is conditional on realising roughly €150 million in recurring annual cost synergies within five years of closing.
  • MFE’s existing stake of just under 30 percent would combine with ProSiebenSat.1 to create Europe’s third-largest commercial free-to-air broadcaster.