PPF stands firm on ProSieben offer after MFE raises bid
PPF, the second-biggest investor in ProSieben, whose offer would double its stake to 29.99%, said it remained convinced that its strategy for an independent ProSieben was superior to MFE's planned consolidation of European media.
In addition, PPF said its all-cash offer compared favourably to the cash-and-share offer of Italy's MFE, which is owned by the Berlusconi family and is ProSieben's largest shareholder.
"We are pleased that our offer triggered a significantly improved offer by MFE creating more value for all ProSiebenSat.1 shareholders," said PPF investment director Kasper Taczek, who asked shareholders to weigh their options very carefully.
Both offers end on August 13.
($1 = 0.8758 euros)
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