After having settled its own offer on 21 August 2025, PPF has decided to tender its 36,539,628 shares, representing approximately 15.68% of ProSiebenSat.1’s outstanding share capital, into MFE-MediaForEurope’s (“MFE”) offer and unwind its remaining financial instruments in ProSiebenSat.1. This step follows the conclusion of the initial offer period for the two competing public offers.
Although the MFE offer has received only limited acceptance, PPF hasn’t been able to attract enough shareholders to support its objectives. With already more than 43% of ProSiebenSat.1 voting rights, MFE’s shareholding is very likely sufficient to secure a simple majority at every ProSiebenSat.1 shareholder meeting. At the same time, PPF’s limited acceptance makes it impossible for PPF to continue its original role as a strategic investor, engaging with MFE on equal terms and contributing its expertise in building digital broadcasting media platforms.
Nevertheless, it should be noted that PPF has acted as a catalyst for a meaningful improvement in MFE’s offer terms, which significantly raised ProSiebenSat.1’s valuation and created value for all shareholders.
Despite PPF’s withdrawal from ProSiebenSat.1, the German market remains a crucial one for the company. This is reflected in PPF’s ownership of Vitronic, a leading machine vision technology company, and Škoda Transportation, a major supplier of trams and light rail vehicles to cities across the country. PPF believes in the strong economic opportunity that Germany offers and will continue its commitment to deliver value for stakeholders there and assess any future investment opportunity accordingly.
