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 18.4% stake.
While MFE’s offer fell short of a majority in the Italian media group’s bid to take over its German peer, it said ProSieben shareholders have another two weeks from Tuesday to tender their shares.
Also on Monday, Czech investment company PPF said it had secured 18.4% of shares in ProSiebenSat.1 through its own offer.
While that was short of its goal to get a 29.99% stake, PPF remains a major hurdle for MFE’s ambition to create a combined European television company to challenge U.S. streaming giants such as Netflix and Amazon Prime.
MFE, owned by the family of late Italian Prime Minister Silvio Berlusconi, reported the increased stake following the end of the acceptance period for both offers last Wednesday.
MFE’s offer was not subject to any conditions, but only a majority stake would allow it to consolidate ProSieben into its financial reporting.
(Writing by Rachel More and Ludwig Burger; Editing by Kirsten Donovan)
