PPF Group, a Czech investment firm, has launched a public acquisition offer for ProSiebenSat.1 shareholders, proposing an all-cash deal valued at €7.00 per share. The acceptance period, which started on June 4th, will run until August 13th, 2025, pending approval from Germany’s financial regulator, BaFin.
Currently holding approximately 16% of ProSiebenSat.1’s shares, PPF aims to increase its stake to just under 30%, a level that avoids triggering mandatory takeover regulations under German law. This offer represents a significant 21% premium compared to the competing bid from Italian media company MFE-MediaForEurope, controlled by the Berlusconi family.
MFE, already the largest shareholder with a 30% stake, previously offered a cash-and-stock deal of €5.70 per share. PPF’s higher, all-cash offer significantly intensifies the competition for control of ProSiebenSat.1. PPF intends to seek appropriate representation on ProSiebenSat.1’s Supervisory Board, supporting the company's current management and strategic direction.
This contrasts with MFE’s strategy, which has included advocating for the rapid disposal of non-core assets. The ongoing competition between PPF and MFE reveals contrasting visions for ProSiebenSat.1's future. Shareholders now face a choice between these competing offers, a decision with potentially far-reaching consequences for the broadcaster’s strategic path.