ProSieben Board Rejects Restructure Proposals From Berlusconi Family’s MFE
deadline.comA Succession-style boardroom battle is playing out in Europe. Germany’s ProSiebenSat.1 Media has rejected a set of proposals from lead shareholder MediaForEurope (MFE) to restructure the European media giant.
The Berlusconi-family controlled MFE (formerly Mediaset) submitted a series of motions ahead of ProSieben’s annual general meeting on April 30, which included splitting up the business and changing its capital structure.
ProSieben released a statement today rejecting the proposals, saying they are “not in the best interests of all shareholders.” MFE is already ProSieben’s largest shareholder, owning just less than the 30% that would trigger an automatic takeover offer under German business law.
Rumors have been swirling that the Italian company is seeking to quietly take control of the ProSieben board and de facto ownership of the business at a lower cost.
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