ProSiebenSat.1 is preparing to defend against MFE takeover bid.
According to a Reuters report citing anonymous sources said to be close to the situation, German broadcaster ProSiebenSat.1 has engaged the services of Morgan Stanley as it prepares to repel a €1.3 billion takeover bid launched by its largest investor.
MediaForEurope (MFE), controlled by the family of the late former Italian Prime Minister, Silvio Berlusconi, recently ended weeks of speculation with the bid, aiming to acquire the company as part of its strategy to create a pan-European advertising-funded TV hub.
The report said MFE, which holds a 29.9 per cent stake in ProSieben, has agreed to purchase shares from another investor, raising its stake to the 30 per cent threshold which would demand a takeover bid under German law. German market regulator BaFin has valued the offer at around €940 million, based on a bid price at €5.74 per share.
There has been no public comment on the matter from MFE, ProSiebenSat or Morgan Stanley.
Several media sources are also reporting that former ITV Studios and Paramount Global executive, Maria Kyriacou, has been proposed as chair of ProSiebenSat.1, following confirmation from incumbent Andreas Wiele that he will not be seeking reelection to the role.
