MUNICH (Reuters) -MediaForEurope (MFE) said on Monday it has secured 43.6% of shares in ProSiebenSat.1 through a tender offer, falling short of a majority in the Italian media group’s bid to take over its German peer.
MFE, owned by the family of late Italian Prime Minister Silvio Berlusconi, reported the increased stake following the end of the acceptance period last Wednesday, with Czech investment company PPF also making a rival offer for the broadcaster.
MFE’s offer was not subject to any conditions, but only a majority stake would allow the suitor to consolidate ProSieben into its financial reporting.
ProSieben shareholders have another two weeks from Tuesday to tender their shares to the Italians.
The final result of PPF’s competing bid was not yet clear. The investor had secured 18.4% shortly before the deadline, which was also on Wednesday.
(Writing by Alexander HuebnerWriting by Rachel MoreEditing by Ludwig Burger)
