MFE board to discuss PPF's move for ProSieben on Tuesday, sources say
MILAN, May 13 (Reuters) - MFE-MediaForEurope (MFEB.MI), opens new tab, the leading shareholder in ProsiebenSat.1 (PSMGn.DE), opens new tab, will discuss at a board meeting on Tuesday a move by Czech investment group PPF to raise its stake in the German broadcaster, two sources said.
MFE, which is owned by the Berlusconi family and has commercial TV operations in Italy and Spain, made a low-ball bid for ProSieben in March under plans to create a pan-European broadcaster.
Analysts say PPF's move complicates MFE's efforts to tighten its grip on ProSieben. The German company, which wants to remain independent, has welcomed PPF's move.
MFE will update directors on the situation on Tuesday, the people said, while no immediate response to PPF is expected.
PPF, the second-biggest shareholder in ProSieben with 14.94%, said on Monday it would buy more shares at 7 euros each, to acquire a stake of up to 29.99%.
MFE owns 30.14% of ProSieben.
PPF is offering a 17% premium over Friday's closing price and a 21% premium to the price implied by MFE's cash-and-share bid.
MFE at present sees PPF's bid mostly as a defensive move, aimed at increasing its sway over ProSieben and potentially allowing it to negotiate better with MFE in the future, the sources said.
However, MFE is not expected to start any talks with PPF at this stage, the sources said. MFE and ProSieben declined to comment. PPF had no immediate comment.
MFE has said it is not aiming to secure majority ownership of ProSieben with its bid.
However, once the offer runs its course, MFE will have its hands free to buy more shares on the market having already crossed the 30% threshold which triggers a buyout offer under German law.
MFE expects its bid, due to end in June, to be extended, possibly to the end of the summer because of rules dictating that the two offers need to run in parallel and end at the same moment, the sources added.
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