ProSiebenSat.1 Media‘s board has advised shareholders to reject the takeover bid launched by the Berlusconi family’s MediaForEurope.Both the executive board and the supervisory board have assessed the voluntary public takeover offer and now called it “inadequate from a financial perspective.” ProSieben said Morgan Stanley and Goldman Sachs had supported their view.The offer of €4.48 in cash and 0.4 MFE-A shares, valuing each ProSieben share at €5.75, is “only marginally above” the German giant’s weighted three-month average of €5.74. ProSieben’s closing share price yesterday was €7.01. The lowball offer followed MFE moving beyond a 30% stake in ProSieben, which automatically triggers a takeover bid.However, the boards said they “welcome MFE’s intention to support the execution of ProSiebenSat.1’s strategy, which is to build a digital-first entertainment company centered around streamer Joyn.MFE and PPF, which has made a separate offer to increase its shareholding from 15% to 29.99%, had previously agitated for change, claiming progress had been slow and that the business should ditch its non-core assets. ProSieben is indeed now selling various businesses as it hones in on digital transformation and cuts costs, including shedding jobs.MFE claims its bid is not intended as a full takeover, but to increase flexibility for future share acquisitions. PPF’s offer values ProSieben share at around €7 and has the board’s support.MFE is attempting to build a European networks and streaming group that can rival international services.
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