Czech investment group PPF has announced the sale of its shares in ProSiebenSat.1, marking the end of its efforts to secure ownership of the German broadcaster.
PPF IM Ltd announced a “best and final” public acquisition cash offer of €7.00 per share on August 1st, triggering an amended offer by Italian media group MediaForEurope (MFE) in the long-running takeover battle between the two suitors.
Following the settlement of its own offer on August 21st, PPF has announced its decision to tender its 36,539,628 shares—just under 16 per cent of ProSiebenSat’s outstanding share capital—into the offer of MFE and to settle the remaining financial instruments in ProSiebenSat.
The group said it had “failed to attract sufficient shareholders to support its own goals.” Due to the low acceptance rate of its offer, PPF can no longer continue its original role as a strategic investor. With more than 43 per cent of voting rights already held, it is expected that the Berlusconi-owned Italian group will command a simple majority at ProSiebenSat’s AGMs.
PPF said the German market remains of “central importance” and that it “will continue to work to create added value for local stakeholders and carefully evaluate future investment opportunities.”
