US EditionGerman Broadcast Giant Backs Takeover by Berlusconi Group
GERMANY, AUG 6 – ProSiebenSat.1 boards back MFE-MediaForEurope's bid offering a 24% premium and €150 million in annual cost synergies to create a leading pan-European commercial TV group.
- On Aug. 6, ProSiebenSat.1’s Executive and Supervisory Boards endorsed MFE’s revised takeover offer, supporting it as `adequate` and recommending acceptance.
- Under the updated terms, MFE increased the share component from 0.4 to 1.3 MFE-A shares per ProSiebenSat.1 share while keeping the cash portion at �4.48.
- Using MFE’s share price on Aug. 4, the valuation shows the bid values shares at approximately �8.07 , a 24% premium to the Xetra closing of �6.53 on March 26.
- Shareholders have until Aug. 13 to accept the amended offer, followed by a two-week additional acceptance period under German takeover law.
- With the addition of ProSiebenSat.1, MFE would become Europe's third-largest commercial TV company behind RTL and ITV, positioning it as a key consolidation step in Europe.
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The cda: "Adjustable price and long-term vision"
·Italy
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ProSiebenSat.1's Executive Board and Supervisory Board have advocated a takeover by the Italian Berlusconi Group MFE.
·Germany
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ProSiebenSat.1 recommends that its shareholders accept a takeover offer from MFE.
·Berlin, Germany
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InsideNoVA.com+20 Reposted by 20 other sources
Berlin wary as Berlusconi group closer to German media takeover
An Italian media group majority-owned by late leader Silvio Berlusconi's family moved closer to taking over a German broadcasting giant Wednesday, sparking warnings from Berlin that its journalistic independence must be maintained.
Certainly, Pro Seven Sat.1 will one day slip under the roof of MFE Holding. But the company is highly indebted – the problems are not solved at all.
·Frankfurt, Germany
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Total News Sources68
Leaning Left9Leaning Right9Center14Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 28%
C 44%
R 28%
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