MFE-MediaForEurope has confirmed its intention to issue a voluntary public takeover offer to increase its stake in German entertainment group ProSiebenSat.1 Media.

In the announcement, MFE stated it expected to offer to tendering ProSiebenSat.1 shareholders an offer consideration equal to the three months VWAP of the ProSieben share (as calculated by the German Federal Financial Supervisory Authority, Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin), which corresponds to the statutory minimum price.

The German Federal Financial Supervisory Authority has informed MFE that the three months VWAP of the ProSieben share up to (and including) the reference date (March 25th) amounts to €5.74, which is the statutory minimum price.

Based on that, MFE said it intends to offer to the shareholders of ProSieben for each ProSieben share tendered into the voluntary public takeover offer (once made) a mixed consideration consisting of €4.47 in cash and 0.4 newly-issued MFE A shares.

MFE already has a near 30 per cent stake in ProSiebenSat.1

The move comes after MFE called a board meeting in March to review a potential takeover bid for ProSiebenSat.1.

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Categories: Articles, Business, M&A

Tags: MFE, ProSiebenSat.1