Media for Europe [MFE) has announced the acceptance period for its ProSiebensat takeover has commenced.
The company has published the offer document for its proposed takeover of the German broadcaster. The move follows Wednesday’s extraordinary shareholders’ meeting (EGM) at which directors of the Berlusconi family-owned company received authorisation to issue new ordinary class “A” shares in connection with the tender offer announced in March.
The bid was launched as part of MFE’s ambition to create a pan-European free TV hub to increase its influence across the region and take on major US streamers.
Published following approval by the German Federal Financial Supervisory Authority, the document allows shareholders to examine the terms of the offer, which is being made in cash and kind at the minimum price allowed under German law. The strategic move comes in the wake of reports that ProSiebenSat plans to cut around 430 jobs as part of restructuring plans.
According to Reuters, MFE does not expect the “low-ball” bid will lead to a majority stake in ProSiebenSat.
