Czech investment group PPF makes bid for close to 30% stake in ProSiebenSat.1
PPF said in a statement it aims to achieve a stake of up to 29.99% through the acquisition of no-par value shares of ProSiebenSat.1 at 7 euros ($7.85) per share.
PPF currently holds a stake of 14.94% in ProSiebenSat.1, making it the second biggest shareholder after Italy's MFE-MediaForEurope, which hiked its stake to 30.14% following a takeover offer in March.
PPF's Chief Executive Jiri Smejc said at the beginning of May that the investment group still needed to see MFE's offer to decide upon a course of action, but that it intended to play a more active role in the company.
The offer represents a premium of 17% over the last closing price on Friday and a 21% premium compared with MFE's offer of 4.48 euros per share, PPF said in a statement.
ProSiebenSat.1's executive board welcomes the offer, the German media company said in a statement.
"It will provide shareholders, who prefer to monetize their investment short-term, with a better all-cash alternative to the public takeover offer published by MFE," it added.
($1 = 0.8913 euros)
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