Czech investment group PPF will maintain its public acquisition offer for ProSiebenSat.1 shares at €7.00 per share. This will be a partial offer to shareholders, and PPF confirms it will not increase the offer price, stating that it represents “PPF’s best and final offer”.
Italian media group MFE-MediaForEurope has countered with a revised offer. Their competing bid has increased the share component from 0.4 to 1.3 MFE A shares per ProSiebenSat.1 share, keeping the cash portion at €4.48. Based on the current MFE share price, this values the offer at approximately €8.62 per share.
PPF argues that its offer provides shareholders with an “immediate and certain opportunity to monetise their investment,” contrasting it with MFE's offer which “lacks certainty regarding the value of the share component…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 until 13 August 2025.