Media for Europe (MFE), the Italian media company, has increased its offer to acquire Germany’s ProSiebenSat.1.
The revised offer raises the stock component from 0.4 to 1.3 MFE A shares per ProSiebenSat.1 share, with the cash element remaining at €4.48 a share, said MFE.
The decision was made “not because the initial bid was inadequate, but because, as leading shareholders, we have supported this industrial project for years,” said MFE chief executive Pier Silvio Berlusconi.
In a statement, ProSiebenSat.1 CEO Bert Habets said the company will “carefully review” the latest offer from MFE.
MFE, which currently owns around 30 per cent of ProSieben, has previously stated it is not looking to gain total control of the German broadcaster. It wants to build a European free-to-air TV hub to take on the growth of the global streaming services.
