(Reuters) -One of ProSiebenSat.1's two top shareholders, Czech investment group PPF, said on Wednesday that it has received approval by Germany's financial watchdog for its all-cash bid for more
PPF Secures Regulatory Approval for ProSiebenSat.1 Acquisition
(Reuters) -One of ProSiebenSat.1's two top shareholders, Czech investment group PPF, said on Wednesday that it has received approval by Germany's financial watchdog for its all-cash bid for more shares of the German media company.
PPF is ProSieben's second-biggest shareholder after MFE-MediaforEurope, the company controlled by Italy's Berlusconi family. PPF has offered to buy ProSieben shares at a 21% premium to the price implied by a bid from MFE, aiming to reach a holding of up to 29.99% holding.
The acceptance period of PPF's offer starts on Wednesday and ends on August 13, the company said in a statement.
Under German law, the acceptance period for MFE's offer will now also end at midnight on the same day.
PPF said it seeks proportionate Supervisory Board representation.
(Reporting by Marleen Kaesebier and Isabel Demetz in Gdansk; editing by Matthias Williams)
