ProSiebenSat.1 IPO at EUR 8.62, comes with a 22% premium on the Frankfurt Stock Exchange
In a significant move, Media for Europe (Mfe) has raised its public takeover offer for ProSiebenSat.1, a leading German media company. This update values ProSiebenSat.1 at approximately €8.15 to €8.62 per share, representing a 15.8% to 22% premium over the company’s closing share price before the offer revision.
The revised offer includes a tripling of the equity component, with MFE A shares, from 0.4 to 1.3 shares per ProSiebenSat.1 share, while the cash element remains at €4.48 per share. This move positions Mfe’s offer significantly higher than the rival bid by PPF, which remains unchanged at €7.00 per share in all cash.
Renata Kellnerová, owner of the rival group PPF, holds a 15% stake in ProSieben and launched a competing bid at €7.00 per share. However, Mfe’s ambition to consolidate a pan-European free-to-air TV group sets it apart.
ProSiebenSat.1's CEO, Bert Habets, and his team have favourably welcomed the new bid, describing it as a demonstration of Mfe’s long-term commitment. The management is now evaluating the improved proposal and the potential value creation.
Pier Silvio Berlusconi, executive vice president and CEO of Mfe, emphasises that the increase is motivated by strategic industrial interest and long-term support as major shareholders, not because the initial offer was deemed inadequate.
Berlusconi's vision goes beyond mere financial control: the goal is to build a globally competitive pan-European broadcaster capable of uniting different markets while maintaining local identities and editorial autonomy. The operation is part of a broader strategy and European vision for Mfe.
If successful, the operation promises an EPS growth of over 50% for Mfe shareholders, which could reach 80% in case of full acceptance of the offer. Mfe estimates cost savings and revenue increases from collaboration between the two companies could reach 419 million euros in annual operating profits (Ebit) within four years.
The deadline for acceptance of Mfe’s offer remains August 13, 2025. ProSieven shareholders who had already accepted PPF's offer can now withdraw their acceptance to accept Mfe’s more favourable proposal.
Initial investments and extraordinary costs are estimated at 145 million euros for Mfe shareholders. Despite ProSiebenSat.1's poor results, Berlusconi believes immediate strategic intervention is necessary. The operation is a key part of Mediaset's European expansion strategy, which already operates in Italy and Spain.
[1] Reuters [2] Bloomberg [3] Financial Times [4] Deadline
- The editorial debate in the finance industry is heating up, as both Media for Europe (Mfe) and PPF Group have made significant moves in the German media business with their bids for ProSiebenSat.1.
- The business world is closely watching the battle between Mfe and PPF Group, as the strategic industrial interest and long-term vision of each group is shaping the future of the European broadcasting industry.
