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Reuters
a day ago
- Business
- Reuters
ProSiebenSat.1 offer by PPF receives regulatory approval
June 4 (Reuters) - One of ProSiebenSat.1's ( opens new tab two top shareholders, Czech investment group PPF, said on Wednesday that it has received approval by Germany's financial watchdog for its all-cash bid for more shares of the German media company. PPF is ProSieben's second-biggest shareholder after MFE-MediaforEurope ( opens new tab, the company controlled by Italy's Berlusconi family. PPF has offered to buy ProSieben shares at a 21% premium to the price implied by a bid from MFE, aiming to reach a holding of up to 29.99% holding. The acceptance period of PPF's offer starts on Wednesday and ends on August 13, the company said in a statement. Under German law, the acceptance period for MFE's offer will now also end at midnight on the same day. PPF said it seeks proportionate Supervisory Board representation.
Reuters
28-05-2025
- Business
- Reuters
Prosieben CEO stands by company strategy amid investor clash
May 28 (Reuters) - Prosiebensat.1 ( opens new tab CEO Bert Habets defended the German media company's renewed focus on its entertainment segment in a speech to the company's investors on Wednesday. "I am confident that we are on the right track to achieving our goal: becoming the number one entertainment player in the German-speaking region," Habets said. He added that after the divestiture of online comparison platform Verivox, the company would continue to focus on the sale of well-performing non-core assets, for instance online perfume retailer Flaconi. The company's annual general meeting comes against the backdrop of a power struggle between the company's two biggest shareholders, Italy's MFE-MediaForEurope ( opens new tab and Czech investment firm PPF. Habets did not address the rival takeover offers in his speech. The boards of ProSieben advised against MFE's bid, calling it "inadequate from a financial perspective". This stance was repeated by Andreas Wiele, outgoing chairman of the supervisory board, during a speech to the company's investors. "The supervisory board is the appropriate body to discuss, together with the executive board, the right strategy and new ideas for our company and where decisions should be made - not the public," Wiele said, addressing MFE directly. The Berlusconi family, which currently holds 30.14% in ProSieben, made a low-ball offer for the company in March, offering 4.48 euros in cash and 0.4 MFE A shares per ProSieben share.
Reuters
23-05-2025
- Business
- Reuters
Czech group PPF open to teaming up with Berlusconis' MFE on ProSieben bid, sources say
LONDON, May 23 (Reuters) - Czech investment group PPF could consider teaming up with MFE-MediaforEurope ( opens new tab, the company controlled by Italy's Berlusconi family, to bid for German broadcaster ProSiebenSat.1 ( opens new tab, two people close to the matter said. MFE, which runs commercial TV operations in Italy and Spain, made a low-ball cash and share bid for ProSieben in March as part of a push to create a pan-European broadcaster, a strategy resisted by the German firm which wants to remain independent. PPF, whose 14.94% stake makes it ProSieben's second-biggest shareholder after MFE with 30.14%, earlier this month offered to buy ProSieben shares at a 21% premium to the price implied by MFE's bid, aiming to reach an up to 29.99% holding. The move, which was welcomed by ProSieben, complicates plans by MFE to tighten its grip on the Bavaria-based company. However, PPF, which owns private TV stations across six Eastern European countries, is open to considering a joint bid with MFE among options under review for ProSieben, although no decision has been made yet, the people said. PPF has not approached MFE about teaming up and there haven't been contacts between the two companies, the sources said. MFE and PPF declined to comment. MFE is also reviewing its options after PPF's bid, including a potential increase of its own 950-million-euro ($1.1 billion) offer, which was pitched at the minimum level allowed by German takeover law, sources told Reuters last week. On Thursday, ProSieben advised shareholders against MFE's "inadequate" takeover bid. Having already crossed a 30% threshold which triggers a mandatory full takeover under German law, MFE will be free to buy additional shares on the market once its current bid lapses. MFE saw PPF's offer as a way to increase its sway over ProSieben and potentially boost its bargaining power with MFE in the future, sources have previously said. Any potential joint bid would require PPF and MFE to find common ground on how to run ProSieben, which could be a sticking point for MFE as the Milan-listed company wants to play a leading role at the German firm, a third source said. ($1 = 0.8828 euros)
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
ProSiebenSat.1 Urges Shareholders to Reject MFE Takeover Bid
ProSiebenSat.1 Media's PSM 1.50%increase; green up pointing triangle executive board recommended its shareholders to decline MFE-MediaForEurope's MFEB -0.22%decrease; red down pointing triangle takeover bid, citing inadequate financial offer. The German media company said Thursday that the offer doesn't reflect the future prospects of the company. The offer price is around 18% below the closing price of 7.01 euros on May 21, the company added.
Reuters
22-05-2025
- Business
- Reuters
ProSieben boards advise against MFE takeover offer
MUNICH, Germany, May 22 (Reuters) - The executive and supervisory boards of ProSiebenSat.1 ( opens new tab have recommended not to accept a takeover offer from MFE-MediaForEurope ( opens new tab, the TV broadcaster controlled by Italy's Berlusconi family, the company said on Thursday. "Both governing bodies have concluded that the offer is inadequate from a financial perspective," ProSiebenSat.1 said in a statement, adding that it "does not reflect the expected future development of the value of the company". MFE, which has commercial TV operations in Italy and Spain, made a low-ball bid for ProSieben in March as part of a push to create a pan-European broadcaster - a move resisted by the German company, which is striving to remain independent. Earlier this month, Czech investment group PPF launched a bid to lift its stake in the German broadcaster to just under 30%, countering those plans by MFE.
