Czech investment group PPF will maintain its public acquisition offer in the form of a partial offer to the shareholders of ProSiebenSat.1 at €7.00 per share.
PPF will not raise the offer price, the company affirms in a statement, adding that the current offer represents “PPF’s best and final offer”.
Italian media group MFE-MediaForEurope recently increased the share component of its competing offer from 0.4 to 1.3 MFE A shares per ProSiebenSat.1 share, while maintaining the cash portion at €4.48. Based on the most recent MFE share price, this brings the total value of the offer to €8.62 per share.
According to PPF, its offer provides shareholders with an “immediate and certain opportunity to monetise their investment,” adding that the competing offer from MFE “lacks certainty regarding the value of the share component in the offer and bears the risk of depending, for example on the synergy realisation proclaimed by MFE.”
“We are pleased that our offer triggered a significantly improved offer by MFE creating more value for all ProSiebenSat.1 shareholders. However, we ask shareholders to weigh their options very carefully because the two offers differ substantially. MFE A shares have been relatively illiquid in the past, and it is uncertain if shareholders can realise their full implied value at the time of sale,” said Kasper Taczek, Investment Director at PPF Group.
“We are convinced that our offer compares favourably, because we offer a superior cash component (€7 versus €4.48) and we regard the transformation of an independent ProSiebenSat.1 as the most viable path to value creation for outstanding shareholders,” added Taczek.
Both offers remain open to ProSiebenSat.1 shareholders until 13 August 2025.
