The battle for ProSiebenSat.1 is heating up. Czech investment firm PPF Group has launched a public acquisition offer, proposing an all-cash deal of €7.00 per share to shareholders. The offer, which commenced on June 4th and will run until August 13th, 2025, pending approval from Germany’s financial regulator, BaFin, represents a significant move in the ongoing takeover saga.
PPF, already holding approximately 16% of ProSiebenSat.1’s shares, aims to increase its stake to just under 30%, strategically avoiding the mandatory takeover threshold under German law. This bid surpasses the competing offer from Italian media company MFE-MediaForEurope, controlled by the Berlusconi family, which proposed a cash-and-stock offer of €5.70 per share. The all-cash offer from PPF represents a 21% premium over MFE’s bid, intensifying the contest for control.
PPF's strategy differs significantly from MFE's. PPF has stated its intention to seek proportionate representation on ProSiebenSat.1’s Supervisory Board and to support the company’s current management and strategic direction. In contrast, MFE has advocated for rapid divestment of non-core assets. This fundamental difference in approach highlights diverging visions for ProSiebenSat.1's future, leaving shareholders with a crucial decision to make.