In a slightly unexpected turn of events, Germany’s ProSiebenSat.1 Media is now hot on MediaForEurope (MFE)’s takeover offer.
Both the executive and supervisory boards of the Unterföhring-based business have recommended shareholders accept MFE’s latest voluntary public takeover offer, which valued ProSieben shares at about €8.15 ($9.43) in total.
The future of the ProSieben has been the subject of speculation for months now, with leading shareholders MFE and PPF IM tabling separate bids to increase their stakes. ProSieben had roundly rejected MFE’s first bid but an improved bid from the business owned by the Berlusconi family was tabled in July at a significant premium.
ProSieben noted that PPF’s “best and final” offer was approximately 15% lower than the MFE deal, based on share prices on Monday (August 4).
“The executive board and the supervisory board welcome the increase of the initial MFE offer consideration, which underscores MFE’s long-term investment and continued commitment to ProSiebenSat.1,” said ProSieben said in a statement.
“Both boards consider MFE’s amended offer to be adequate as of the date of the joint supplementary reasoned statement and recommend that the ProSiebenSat.1 shareholders accept MFE’s amended offer.”
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