Investing.com -- MFE-MEDIAFOREUROPE N.V. (MFE) has revealed its plan to issue a voluntary public takeover offer to increase its stake in ProSiebenSat.1 Media SE (ProSieben), a leading entertainment company in the German-speaking region. The move is aimed at enhancing MFE’s flexibility and optionality.
MFE is expected to provide an offer consideration equivalent to the three-month volume-weighted average price (VWAP) of the ProSieben share to shareholders who tender their shares during the offer period. This price is in line with the statutory minimum price as calculated by the German Federal Financial Supervisory Authority (BaFin). The offer price is anticipated to be paid 78% in cash and 22% in newly-issued MFE A shares.
The takeover offer will be subject to standard conditions such as market and business-related material adverse change clauses, regulatory clearances, and other conditions.
MFE also entered into an irrevocable undertaking with an existing ProSieben shareholder today. The shareholder has committed to accept the takeover offer for a portion of the ProSieben shares they currently hold. This agreement ensures that MFE will hold more than 30% of the share capital of ProSieben following the completion of the takeover offer.
MFE’s decision to increase its stake in ProSieben demonstrates its long-term investment and commitment to the company. MFE aims to contribute more actively to ProSieben’s strategic direction in the future.
MFE also intends to enhance its cooperation with ProSieben, offering its core expertise and deep understanding of the entertainment sector to assist ProSieben’s management in addressing the industrial challenges it faces. This collaboration is expected to exploit opportunities arising from ongoing changes in the industry.
As a strong and reliable partner, MFE is committed to providing full support to ProSieben, which is expected to result in long-term value creation for all ProSieben shareholders. Additionally, MFE plans to support ProSieben in the ongoing intended disposal of non-core assets, including potential monetization and value creation opportunities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.