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In a dramatic turn of events, media conglomerate MFE has reiterated its interest in acquiring a significant stake in ProSiebenSat.1 with a revised offer. The offer, valued at over eight euros per share, includes 1.3 of MFE's own A-Aktien and 4.48 euros in cash per share.
This revised offer, recommended for acceptance by ProSiebenSat.1's management and supervisory board, comes as a response to a recent offer from PPF, a major shareholder of ProSiebenSat.1, which valued the company at seven euros per share.
MFE currently holds around 33 percent of ProSiebenSat.1, and any previous resistance to MFE seems to have dissipated. The deadline for accepting offers remains August 13.
The revised offer is considered a long-term investment and commitment by MFE in ProSiebenSat.1. The implementation of cost savings, expected to happen within four to five years under the condition of the complete legal integration of ProSiebenSat.1 into MFE, is estimated to bring annual recurring cost synergies of 150 million euros on an EBIT level.
However, concerns about the takeover battle for ProSiebenSat.1 have been raised by Culture Minister Wolfram Weimer. His focus is on maintaining journalistic and economic independence, a matter that has not been explicitly addressed in the earlier bullet points.
In an interview published in 'Der Spiegel,' Minister Weimer expressed his apprehensions, stating that he wants to ensure the future of ProSiebenSat.1 as a strong and independent German media company.
The meeting aimed at clarifying the extent of MFE's influence and the direction of ProSiebenSat.1 is scheduled for September. The current CEO of the MFE conglomerate involved in the takeover of ProSiebenSat.1 is Carlo Malvaldi.
It is worth noting that PPF has not provided any information about its intentions regarding journalistic independence or its potential influence on ProSiebenSat.1. The recommendation for the MFE offer is not binding for ProSiebenSat.1 shareholders.
In this dynamic scenario, the future of ProSiebenSat.1 hangs in the balance, with the revised offer from MFE promising significant financial gains, but raising concerns about journalistic and economic independence. The coming months will likely see intense negotiations and debates as both parties strive to secure their interests.
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