Latest news with #ProSiebenSat.1
Yahoo
04-04-2025
- Business
- Yahoo
ProSiebenSat.1 lines up Morgan Stanley in defence against MFE's bid, sources say
By Amy-Jo Crowley and Emma-Victoria Farr LONDON/FRANKFURT (Reuters) - ProSiebenSat.1 has lined up defence advisers, including Morgan Stanley, after receiving a takeover bid from its largest investor MFE-MediaForEurope, the TV group controlled by Italy's Berlusconi family, two people with knowledge of the matter said. Last week, MFE launched a bid for the shares of ProSieben it does not already own, offering the minimum price allowed by the German law, equal to the volume-weighted average price of ProSieben shares over the past three months. Due to the structure of MFE's bid, ProSiebenSat.1's defence strategy may be limited, but will likely include improving performance within the group's different businesses, according to one of the people. The people spoke on condition of anonymity because they were not authorised to speak publicly. ProSiebenSat.1, Morgan Stanley and MFE declined to comment. MFE, which has commercial TV operations in Italy and Spain, made the bid as part of a larger plan to create a pan-European advertising-funded broadcaster - a strategy so far resisted by ProSieben, which wants to stay independent. MFE also agreed to buy shares from an existing ProSieben investor that would take its 29.9% stake to a 30% threshold - the level which triggers a takeover bid - regardless of the outcome of the buyout offer. This means that, once the offer period ends, MFE can buy additional ProSieben shares on the market without having to repeat a formal offer to all investors. German market regulator BaFin confirmed earlier this week the price of the cash and share bid is 5.74 euro a share, giving the offer a value at that time of about 940 million euros. ($1.04 billion). ($1 = 0.9062 euros) Sign in to access your portfolio
Reuters
04-04-2025
- Business
- Reuters
ProSiebenSat.1 lines up Morgan Stanley in defence against MFE's bid, sources say
LONDON/FRANKFURT, April 4 (Reuters) - ProSiebenSat.1 has lined up defence advisers, including Morgan Stanley (MS.N), opens new tab, after receiving a takeover bid from its largest investor MFE-MediaForEurope ( opens new tab, the TV group controlled by Italy's Berlusconi family, two people with knowledge of the matter said. Last week, MFE launched a bid for the shares of ProSieben it does not already own, offering the minimum price allowed by the German law, equal to the volume-weighted average price of ProSieben shares over the past three months. Due to the structure of MFE's bid, ProSiebenSat.1's defence strategy may be limited, but will likely include improving performance within the group's different businesses, according to one of the people. The people spoke on condition of anonymity because they were not authorised to speak publicly. ProSiebenSat.1, Morgan Stanley and MFE declined to comment. MFE, which has commercial TV operations in Italy and Spain, made the bid as part of a larger plan to create a pan-European advertising-funded broadcaster - a strategy so far resisted by ProSieben, which wants to stay independent. MFE also agreed to buy shares from an existing ProSieben investor that would take its 29.9% stake to a 30% threshold - the level which triggers a takeover bid - regardless of the outcome of the buyout offer. This means that, once the offer period ends, MFE can buy additional ProSieben shares on the market without having to repeat a formal offer to all investors. German market regulator BaFin confirmed earlier this week the price of the cash and share bid is 5.74 euro a share, giving the offer a value at that time of about 940 million euros. ($1.04 billion). ($1 = 0.9062 euros)
Reuters
27-03-2025
- Business
- Reuters
Shares in Germany's ProSieben slide after MFE bid
March 27 (Reuters) - Shares in German media group ProSiebenSat.1 ( opens new tab slumped 9% in early trade on Thursday after Italy's MFE ( opens new tab made a low-ball bid for shares in ProSiebenSat.1 it does not already own. The stock was seen at the bottom of the German small-caps index (.SDAXI), opens new tab. MFE, which owns commercial TV operations in Italy and Spain, is looking to create a pan-European advertising-funded broadcaster - a strategy so far resisted by ProSieben, which is striving to remain independent. "Assuming the share price remains above the offer price we would not expect many Pro7 shareholders to accept the offer," Daniel Kerven, an analyst form JP Morgan, said, adding that the voluntary public takeover offer was around 10% below the closing share price. The price offered is expected to amount to around 5.7 euros a share, a person close to the matter said, against Wednesday's closing price of 6.5 euros a share for ProSieben, equivalent to a total market value of 1.5 billion euros. The board of ProSieben will carefully review MFE's offer, the company said on Wednesday.
Zawya
26-03-2025
- Business
- Zawya
European shares muted on caution ahead of US tariff deadline
European shares were subdued in early trading on Wednesday, as cautious investors held out from making big bets while awaiting clarity ahead of a fresh round of U.S. tariffs set to take effect next week. The pan-European STOXX 600 index was about flat, as of 0809 GMT. Energy stocks firmed about 0.8% as oil prices touched a three-week high. Defensive sectors including healthcare and telecom were in a weak spot. Shares of MFE-MediaForEurope rose 1% after Reuters reported, citing three sources with knowledge of the matter, that the TV group controlled by Italy's Berlusconi family has called for a board meeting to review a possible bid for German peer ProSiebenSat.1. ProSieben shares firmed 3.9%. Meanwhile, latest data showed French consumer confidence unexpectedly fell in March. France's CAC 40 index was about flat. However, the STOXX 600 index is on track for its best quarter in two years, helped by hopes that a historic Germany fiscal package would spur growth in the region's largest economy. Earlier this week, global risk sentiment improved as U.S. President Donald Trump signalled a more measured approach to trade policy ahead of the April 2 deadline, when sweeping reciprocal tariff plans are set to take effect. (Reporting by Medha Singh in Bengaluru; Editing by Rashmi Aich)
Reuters
26-03-2025
- Business
- Reuters
European shares muted on caution ahead of US tariff deadline
March 26 (Reuters) - European shares were subdued in early trading on Wednesday, as cautious investors held out from making big bets while awaiting clarity ahead of a fresh round of U.S. tariffs set to take effect next week. The pan-European STOXX 600 index (.STOXX), opens new tab was about flat, as of 0809 GMT. Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here. Shares of MFE-MediaForEurope ( opens new tab rose 1% after Reuters reported, citing three sources with knowledge of the matter, that the TV group controlled by Italy's Berlusconi family has called for a board meeting to review a possible bid for German peer ProSiebenSat.1 ( opens new tab. ProSieben shares firmed 3.9%. Meanwhile, latest data showed French consumer confidence unexpectedly fell in March. France's CAC 40 index (.FCHI), opens new tab was about flat. However, the STOXX 600 index is on track for its best quarter in two years, helped by hopes that a historic Germany fiscal package would spur growth in the region's largest economy. Earlier this week, global risk sentiment improved as U.S. President Donald Trump signalled a more measured approach to trade policy ahead of the April 2 deadline, when sweeping reciprocal tariff plans are set to take effect.
