MFE-MediaForceEurope, the tv holding of Italy’s Berlusconi household, has launched a public tender provide for the stake of German broadcaster ProSiebenSat.1 Media it doesn’t personal.
The corporate already holds 30% of ProSieben however mentioned in an announcement in the present day that it needs to realize the “flexibility and optionality” that will include higher management. The transfer would additionally create a pan-European broadcaster with operations throughout Italy, Spain and Germany.
MFE expects to supply ProSieben shareholders who tender their shares throughout the provide interval an consideration equal to the volume-weighted common worth of ProSieben shares over the previous three months, as calculated by the German Federal Monetary Supervisory Authority.
That’s the minimal worth allowed by legislation.
Some 78% of the provide worth might be paid in money and 22% of in newly issued MFE Class A shares.
Based on information reviews, MFE secured €3.4 billion ($3.65 billion) in loans late final yr to finance its worldwide growth plans. Reuters reported in the present day that the value provided for ProSieben is predicted to quantity to round 5.7 euros a share, for a market worth of 1.5 billion euros.
The takeover provide might be topic to customary closing circumstances together with market and business-related materials hostile change clauses and regulatory approval.
ProSieben mentioned its Government Board and the Supervisory Board of ProSiebenSat.1 “will fastidiously evaluate the provide … and can subsequently subject their reasoned opinion.”
Individually in the present day, MFE inked a cope with an unspecified ProSieben shareholder to just accept the takeover provide for a portion of the ProSieben shares held. That can increase MFE’s stake to over 30%, which makes a young provide for the remainder of the corporate obligatory.
MFE — which is led by Pier Silvio Berlusconi, son of the late Italian prime minister and media mogul – is seeking to bulk up within the face of competitors from U.S. streamers and softer promoting. Consolidating ProSieben, it mentioned, would permit it to “contribute extra actively to the event of ProSieben’s strategic course sooner or later. It’s the intention of MFE to extend its cooperation with ProSieben and provide its core experience and deep understanding of the market within the leisure sector to help ProSieben’s administration in addressing the economic challenges it faces in addition to exploiting the alternatives arising from the continued adjustments within the business.”
“As a robust industrial and dependable associate, MFE is dedicated to offer full help to ProSieben, that will lead to long run worth creation for all shareholders.”
MFE mentioned it intends to “help” ProSieben in divesting non-core belongings.
