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In a dramatic turn of events, the race to acquire ProSiebenSat.1, a leading German media company, has intensified with two major players entering the fray.
The Czech conglomerate, PPF, has thrown its hat into the ring with a fixed price of €7 per share. On the other hand, MediaForEurope (MFE) has upped the ante with a revised offer valued at over €8 per share. This offer includes 1.3 of MFE's own A-Aktien and €4.48 per share in cash.
The management and supervisory board of ProSiebenSat.1 find the revised offer from MFE appropriate and recommend its acceptance. This recommendation is based on the expectation of cost savings from a potential merger of the two companies, with annual recurring cost synergies of €150 million expected on an EBIT level within four to five years, given a full legal integration of ProSiebenSat.1 into MFE.
However, the revised offer from MFE, considered financially appropriate by ProSiebenSat.1, was initially deemed otherwise. PPF, for its part, has stated that it will not top the adjusted MFE offer, considering it the 'best and final' offer.
Culture Minister Wolfram Weimer has expressed concerns about the takeover battle for ProSiebenSat.1. Weimer's concerns revolve around the maintenance of journalistic and economic independence. Weimer is scheduled to meet with MFE CEO Pier Silvio Berlusconi in September to clarify MFE's influence and the direction of ProSiebenSat.1.
MFE, currently holding around 33% of ProSiebenSat.1, is headed by Pier Silvio Berlusconi, the CEO. The Berlusconi conglomerate intends to establish a European media house through this acquisition.
The goal is to compete with US streaming giants like Netflix and Amazon Prime Video. The deadline for accepting the offers is August 13. It remains to be seen how much more influence MFE has secured by September.
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