Berlusconi's Dynasty Stumbles
ProSiebenSat.1, the German TV conglomerate, finds itself in the middle of a two-week battle between two potential suitors: Media For Europe (MFE) and Czech financial investor PPF.
The initial takeover offer by MFE, owned by the children of former Italian Prime Minister Silvio Berlusconi, was withdrawn on August 13. This comes after a two-week extension, with a final assessment scheduled for September 4.
Meanwhile, PPF, who currently holds 18.41% of the shares in ProSiebenSat.1, accepted its cash offer of 7.00 euros per share. However, PPF did not increase its offer, and it remains to be seen if it will attempt to do so before the final deadline.
The takeover of ProSiebenSat.1 by MFE was approved by both the European Commission in 2023 and the German Federal Cartel Office in 2024. The management and supervisory board of ProSiebenSat.1 Media SE recommended MFE's offer as "appropriate" for acceptance after it was increased at the end of July.
MFE's B shares are trading at 3.93 euros on the Milan Stock Exchange, down around one percent from Friday's close. This drop in value could potentially affect MFE's ability to compete with PPF's offer.
The Berlusconis continue to acquire shares in ProSiebenSat.1, as part of MFE's plans to create a European television company to challenge US streaming giants like Netflix and Amazon Prime. MFE aims to build a European broadcasting group with the acquisition of ProSiebenSat.1.
However, the PPF stake may pose a challenge for MFE. Key ProSiebenSat.1 shareholders like General Atlantic have shown rebellion by supporting PPF instead of MFE. This rebellion could potentially influence other shareholders and impact the final shareholder decision.
In a surprising turn of events, General Atlantic has rejected MFE's takeover offer for ProSiebenSat.1 and tendered its shares to PPF instead. This move could shift the balance of power in favour of PPF.
The deadline for shareholders to tender their shares to MFE is September 1. By this date, the final shareholder decision will be made, determining the future of ProSiebenSat.1.
It's a tense two weeks for ProSiebenSat.1, as it navigates this corporate takeover battle. The company's stock briefly rose to 7.95 euros in Xetra trading, still slightly below MFE's offer, but a sign of investor interest and potential for a bidding war.
The Berlusconi children have not entered politics, but they remain close to the party Forza Italia. The outcome of this battle could have significant implications for the media landscape in Europe and the future of ProSiebenSat.1.
ProSiebenSat.1's stock was one of the bigger winners in the SDAX on Monday, despite the ongoing takeover saga. However, the company is not currently a recommendation from DER AKTIONÄR.
In a recent development, it was reported that Femke von Bentveld, the wife of P7S1 CEO Hubertus Habets, sold a share package on August 11 for 12,640 euros. This sale, along with the ongoing corporate battle, adds another layer of intrigue to the story.
As the two-week battle unfolds, both MFE and PPF are expected to pull out all the stops to secure the majority share in ProSiebenSat.1. The final assessment is scheduled for September 4, and the future of ProSiebenSat.1 hangs in the balance.
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