US EditionProSiebenSat.1 Board deems PFF offer "inadequate"
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ProSiebenSat.1 labels PPF bid 'inadequate'
The two boards of German broadcaster ProSiebenSat.1 say they welcome a bid from Czech investment firm PPF, but have called it “inadequate from a financial point of view”. The executive board and supervisory board have advised the broadcaster’s shareholders not to accept the offer. PPF Group tabled at a 21 per cent premium over the recent bid made by Italy’s MediaForEurope (MFE). Both boards concluded that “the offer price does not adequately ref…
ProSiebenSat.1 Board deems PFF offer “inadequate”
The Executive Board and the Supervisory Board of ProSiebenSat.1 Media have welcomed the partial public acquisition offer made by PPF, an indirect subsidiary of PPF Group, but say they consider the offer price “inadequate from a financial point of view”. The boards have thus decided not to make a recommendation regarding the acceptance of the offer by shareholders. Source: ProSiebenSat.1 Board deems PFF offer “inadequate”
ProSiebenSat.1 acknowledges and appreciates "the increase in PPF's commitment and the support expressed to ProSiebenSat's strategy.1 but the price of the offer, with a 17.4% premium, is still too low according to the German average group. The price "does not adequately reflect the earning potential and the long-term value of ProSiebenSat.1 and is therefore not appropriate from a financial point of view" and the Board of Directors that opposed Mf…
Power struggle between PPF and Berlusconi-Holding goes into the next round.
Power struggle between PPF and Berlusconi holding
There's something else: ProSiebenSat.1's Executive Board and Supervisory Board consider the offer of Investor PPF "not appropriate from a financial point of view". The Czechs offer 7.00 euros per share and are therefore about 17% above the closing price on 9 May and even 21.7 % above the offer of the other major investor MFE. Nevertheless, the PPF offer "does not adequately reflect the yield potential and the long-term value of ProSiebenSat.1". …
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