MFE-MediaForEurope has announced that the extraordinary shareholders’ meeting held on May 7th approved the authorisation of the board of directors to issue new class A ordinary shares. The transaction is part of the public tender offer announced on March 26th for all shares of ProSiebenSat.1 Media, providing for a mixed consideration in cash and in kind.

The strategic move aims to strengthen MFE’s position in the European broadcasting market by expanding its influence and operational capacity.

The authorisation, which excludes the option rights of current shareholders, may be exercised within the limits of the authorised capital and will be used to satisfy the exchange ratio for ProSiebenSat1 shares tendered in acceptance of the offer.

This move comes on the heels of ProSiebenSat.1 announcing plans to cut some 430 staff.

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Categories: Articles, Business, M&A

Tags: MFE, ProSiebenSat.1