The Executive and Supervisory Boards of ProSiebenSat.1 have adopted a neutral stance regarding a partial acquisition offer from Czech investment group PPF. While acknowledging PPF’s “elevated commitment” as a major strategic shareholder and welcoming their support for the company's current management and strategy, the boards expressed concern that the €7.00-per-share bid undervalues the company.
In a joint statement, they declared the proposed price “inadequate from a financial point of view,” arguing it doesn't sufficiently reflect ProSiebenSat.1's long-term value and earnings potential. PPF aims to acquire up to 31.8 million shares—approximately 13.64% of the company’s capital—at a 17.4% premium over the closing share price of €5.97 on May 9th, 2025.
This offer also surpasses the competing bid from MFE-MediaForEurope (€5.75 per share) by 21.7%. Despite their valuation concerns, the boards have chosen not to recommend acceptance or rejection of the PPF offer to shareholders. They cited diverse influencing factors, including market conditions, individual investment goals, and portfolio strategies.
The boards noted the offer's potential appeal to shareholders prioritizing short-term gains, especially due to its downside protection in the current volatile market, lasting until the August 13th deadline. Under German takeover law, PPF's bid is considered a competing offer to MFE's, with both acceptance periods running concurrently until the August deadline. A detailed explanation is available on the company's website, and shareholders are advised to review it before making a decision.