The Executive Board and Supervisory Board of ProSiebenSat.1 published Wednesday their joint reasoned statement on the public acquisition offer in the form of a partial offer made by PPF to increase its stake to up to 29.99%.
In their reasoned statement, the Executive Board and Supervisory Board of ProSiebenSat1. welcome PPF’s elevated commitment as a long-term oriented major shareholder supporting the Executive Board and the execution of its strategy.
At the same time, the Executive Board and the Supervisory Board note that the PPF offer provides ProSiebenSat.1 shareholders interested in a short-term monetization of their shares with an opportunity to sell their ProSiebenSat.1 shares at the offer price in a currently volatile market environment.
PPF is convinced that its all-cash offer of EUR 7.00 per share is highly attractive for all shareholders of ProSiebenSat.1. The offer provides them with a certain and immediate opportunity to monetize their investment at a significant premium without bearing the risk of ProSiebenSat.1’s long-term transformation process. The sole intention of the PPF offer is to allow for more active support of ProSiebenSat.1 management through the Supervisory Board for the benefit of all ProSiebenSat.1 stakeholders.
Kasper Taczek, Investment Director at PPF, comments: “We are very pleased that the Executive Board and Supervisory Board welcome our elevated commitment. We have a strong track record in successfully transforming TV businesses and would like to more actively contribute our proven expertise through an increased shareholding and proportionate Supervisory Board representation. ProSiebenSat.1’s shareholders should endorse our offer, regardless whether they monetize their investment at attractive terms or support the full-fledged digital transformation of the company.”