Latest news with #ProSiebenSat1
Yahoo
7 hours ago
- Business
- Yahoo
ProSieben investor General Atlantic opts for Czech PPF offer, shuns MFE, sources say
MUNICH (Reuters) -Financial investor General Atlantic has tendered its 2.4% stake in German media group ProSiebenSat.1 to Czech investment company PPF, two people familiar with the matter told Reuters on Tuesday. By taking PPF's cash offer of 7 euros ($8.17) per share for ProSieben, General Atlantic is going against the endorsement of ProSieben's management for a higher rival offer by MFE-MediaForEurope, which is partly paid in MFE shares, indicating that MFE faces some difficulties in its bid for control over ProSieben. General Atlantic, PPF and ProSieben declined to comment. MFE did not immediately respond to a request for comment. ($1 = 0.8567 euros)
Reuters
7 hours ago
- Business
- Reuters
ProSieben investor General Atlantic opts for Czech PPF offer, shuns MFE, sources say
MUNICH, Aug 12 (Reuters) - Financial investor General Atlantic has tendered its 2.4% stake in German media group ProSiebenSat.1 ( opens new tab to Czech investment company PPF, two people familiar with the matter told Reuters on Tuesday. By taking PPF's cash offer of 7 euros ($8.17) per share for ProSieben, General Atlantic is going against the endorsement of ProSieben's management for a higher rival offer by MFE-MediaForEurope, which is partly paid in MFE shares, indicating that MFE faces some difficulties in its bid for control over ProSieben. General Atlantic, PPF and ProSieben declined to comment. MFE did not immediately respond to a request for comment. ($1 = 0.8567 euros)
Yahoo
7 days ago
- Business
- Yahoo
German broadcaster ProSiebenSat.1 backs improved bid by Italy's MFE
A potential takeover of Germany's ProSiebenSat.1 by Italian media group Media for Europe (MFE), controlled by the Berlusconi family, moved a step closer on Wednesday. The leadership of ProSiebenSat.1 recommended that shareholders accept MFE's improved offer, calling it "appropriate" in a joint statement from the executive and supervisory boards. This marks a shift from the company's position in May, when management dismissed MFE's initial proposal as inadequate. The new statement highlights that a recently revised offer "underscores MFE's long-term investment and commitment" to the German broadcaster. A rival Czech investor, PPF Group, has said it will not raise its own offer, effectively ceding ground in the contest. ProSiebenSat.1 is one of Germany's two major private broadcasting groups. Its portfolio includes television channels such as ProSieben, Sat.1 and Kabel Eins, as well as the streaming platform Joyn. MFE is owned by the children of former Italian prime minister Silvio Berlusconi, who died in 2023. The group has ambitions to create a pan-European television network. The updated proposal includes 1.3 MFE shares for every ProSiebenSat.1 share - up from 0.4 previously — alongside a standing cash offer of €4.48 ($5.19) per share. Concerns about media independence Silvio Berlusconi famously used his media empire to support his political ambitions and the conservative Forza Italia party. Although his children have not entered politics, they remain close to the party. German Minister of State for Culture Wolfram Weimer recently voiced concerns over the implications of the potential takeover. In an interview with Der Spiegel news magazine, Weimer questioned whether journalistic and business independence could be maintained under the new ownership. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
7 days ago
- Business
- Reuters
UPDATE 2 ProSieben tells shareholders to accept MFE's higher takeover bid
BERLIN, Aug 6 (Reuters) - German media company ProSiebenSat.1 ( opens new tab recommended its shareholders accept the latest public takeover offer from MFE-MediaForEurope ( opens new tab, abandoning its resistance to the Italian group controlled by the Berlusconi family. ProSieben said its executive and supervisory boards welcomed the higher bid from MFE, which values the company at some 1.8 billion euros, saying it showed a continued commitment from the Italians and could deliver 150 million euros ($173 million) in annual savings. "Both Boards consider MFE's amended offer to be adequate ... and recommend that the ProSiebenSat.1 shareholders accept MFE's amended offer," ProSieben said in a statement. MFE declined to comment on ProSieben's statement. Rival bidder Czech investment company PPF, which had been the German company's preferred suitor, said last week it would not raise its offer after MFE sweetened its bid. The Italian group's pursuit of ProSieben is part of plans to create a European television company to challenge U.S. streaming giants such as Netflix and Amazon Prime. MFE's latest per-share takeover bid is made up of 4.48 euros in cash and 1.3 of its own shares, giving an implied value of around 8.07 euros per ProSieben share, said the company. That represents a 24 percent premium to the Xetra closing price on March 26, it added. The all-cash bid from PPF, the second-biggest investor in ProSieben, would have doubled PPF's stake to 29.99%. The Czech company's cash offer was 7 euros ($7.99) per share for ProSieben. PPF declined to comment on ProSieben's statement and referred to what it had said last week. ProSieben said that MFE's amended offer represented a premium of around 15% to the partial acquisition offer of PPF as of August 4. The acceptance period for the amended MFE offer expires on August 13. ($1 = 0.8635 euros)
Reuters
7 days ago
- Business
- Reuters
ProSieben recommends shareholders accept amended MFE takeover offer
BERLIN, Aug 6 (Reuters) - German media company ProSiebenSat.1 ( opens new tab recommended on Wednesday that its shareholders accept an amended offer from MFE-MediaForEurope ( opens new tab for a public takeover after rival bidder Czech investment firm PPF underscored its nominally lower offer. In a statement, ProSieben said its executive and supervisory boards welcomed the increase of the initial bid from MFE, which is controlled by Italy's Berlusconi family, saying it showed its long-term investment and continued commitment. "Both Boards consider MFE's amended offer to be adequate as of the date of the joint supplementary reasoned statement and recommend that the ProSiebenSat.1 shareholders accept MFE's amended offer," the company said. PPF said last week it would not raise its cash offer of 7 euros ($7.99) per share for ProSieben, after MFE sweetened its rival bid to 8.01 euros per share. The latest per-share takeover bid by MFE group is made up of 4.48 euros in cash and 1.3 of its own shares, valuing all of ProSieben at 1.8 billion euros. The rival all-cash bid from PPF, the second-biggest investor in ProSieben, by contrast, is for a doubling of PPF's stake to 29.99%. ProSieben said in its statement that MFE's amended offer represented a premium of around 15% to the partial acquisition offer of PPF as of August 4.
