Insufficient to enthuse investors. The offer is made at the minimum price permitted under German takeover regulations, with a large component in MFE shares. According to analysts, this is a calculated but unattractive strategy, which leaves little chance of a takeover wave.
MFE-MediaForEurope's objective is clear: to strengthen its hold on ProSiebenSat and pursue its ambition to build a pan-European audiovisual group. A project that the German group has resisted for months, preferring to play the independence card.
MFE already holds close to 30% of the capital and is looking to go one step further. Alongside the takeover bid, it has concluded a separate agreement with one of the German group's shareholders to acquire more shares. This move will enable it to exceed the 30% threshold, the usual trigger for a mandatory takeover bid. This is a clever maneuver: according to JP Morgan, once this threshold has been crossed via a targeted transaction, MFE will be able to continue buying shares on the market freely, without launching a new offer, and thus ensure a gradual, discreet but effective control. "This proposal, which is unfavorable for ProSieben's minority shareholders, allows the Berlusconi family to take control while postponing a minority buyout at a higher price until the sale of non-essential assets", AlphaValue adds.
Yesterday, DZ Bank raised its valuation of the company's share from €6.50 to €9.50, based on speculation surrounding the takeover bid and an improving economic environment in Germany. However, MFE's creeping takeover tactics did not bring the expected support - quite the contrary.
Meanwhile, ProSiebenSat's management is playing it safe, saying that it would carefully analyze the offer from its Italian shareholder, without giving any immediate indication.
In Milan, investors were less enthusiastic about the announcement. MFE shares were down 6% in morning trading.
