PPF has announced that its bid for shares in ProSiebenSat has been approved by German regulators.
The Czech investment group has received approval from Germany’s financial watchdog to pursue its bid to increase its holding in the broadcaster.
Currently the second largest shareholder, PPF aims to take its holding up to 29.99 per cent, just beneath the threshold at which a takeover bid would be mandatory under German law.
The group has tabled an all-cash bid at a 21 per cent premium over the recent bid made by Italy’s MediaForEurope (MFE).
The Berlusconi-owned company has previously attempted to acquire ProSieben as part of its aim to develop a pan-European group to take on the US streaming giants.
The acceptance period of PPF’s offer started on Wednesday 4th June and will conclude on August 13th.
