Berlusconi Family TV Group MFE Makes Lowball Bid For Rest Of ProSieben

deadline.com:

MFE-MediaForceEurope, the television holding of Italy’s Berlusconi family, has launched a public tender offer for the stake of German broadcaster ProSiebenSat.1 Media it doesn’t own.

The company already holds 30% of ProSieben but said in an announcement today that it wants to gain the “flexibility and optionality” that would come with greater control.

The move would also create a pan-European broadcaster with operations across Italy, Spain and Germany. MFE expects to offer ProSieben shareholders who tender their shares during the offer period a consideration equal to the volume-weighted average price of ProSieben shares over the past three months, as calculated by the German Federal Financial Supervisory Authority.

That’s the minimum price allowed by law. Some 78% of the offer price will be paid in cash and 22% in newly issued MFE Class A shares.