Mediaset currently holds 22% of the company that operates under the Canal+ brand.
Bloomberg reports that were Mediaset to exceed Telefonica’s bid by just €1 it would be able to rewrite the conditions for offers.
Prisa has provisionally accepted Telefonica’s bid, even though the offer is somewhat less than the €1,000 million sought by the cash-strapped media concern.
Meanwhile, it has emerged that Al Jazzera, which had been linked with a bid for Prisa TV, did not put in an offer.
Other parties connected with the bid included News Corp. This week spin off 21st Century Fox emerged with a plan to consolidate its pay-TV interests in Europe that current encompass BSkyB, Sky Germany and Sky Italia.