By Alexander Hübner MUNICH (Reuters) -MediaForEurope (MFE) said on Monday it has secured 43.6% of shares in ProSiebenSat.1 through a tender offer that was challenged by a rival bidder who secured an
MFE still short of ProSieben majority after rival tender offers
MFE's Ongoing Bid for ProSiebenSat.1
By Alexander Hübner
Current Shareholding Status
MUNICH (Reuters) -Italian media group MediaForEurope (MFE) said on Monday it has secured 43.6% of shares in ProSiebenSat.1, still short of a majority, as it builds its stake in an ongoing takeover bid for its German peer.
Rival Bids and Market Reactions
MFE, owned by the family of late Italian Prime Minister Silvio Berlusconi, seeks to create a combined European television company to challenge U.S. streaming giants such as Netflix and Amazon Prime.
Future Implications for ProSieben
While its offer fell short of a majority, it said ProSieben shareholders have another two weeks from Tuesday to tender their shares.
A rival bidder, Czech investment company PPF, said on Monday it had secured 18.4% of shares in ProSiebenSat.1 through its own offer. That was short of its goal of a 29.99% stake, but PPF remains a major hurdle for MFE's bid.
MFE reported the increased stake following the end of the acceptance period for both offers last Wednesday.
Earlier this month ProSiebenSat.1 recommended its shareholders accept the latest public takeover offer from MFE, which values the German group at 1.8 billion euros ($2.10 billion), abandoning its resistance to the Italian group.
PPF had been the German company's preferred suitor, but PPF said earlier this month it would not raise its offer after MFE sweetened its bid.
MFE has not set a required threshold for its bid, but a majority stake would allow it to consolidate ProSieben into its financial reporting.
ProSieben CEO Bert Habets said on Monday that both MFE and PPF had been important shareholders for a long time.
"With their offers, they have underscored their long-term investment and commitment to our company," Habets said in a statement, adding that final results of MFE's offer would be formally announced on September 4.
($1 = 0.8562 euros)
(Writing by Rachel More, Ludwig Burger and Thomas Seythal, editing by Kirsten Donovan and Susan Fenton)
