MUNICH (Reuters) -Financial investor General Atlantic has tendered its 2.4% stake in German media group ProSiebenSat.1 to Czech investment company PPF, two people familiar with the matter told Reuters on Tuesday. By taking PPF’s cash offer of 7 euros ($8.17) per share for ProSieben, General Atlantic is going against the endorsement of ProSieben’s management for […]
Business
ProSieben investor General Atlantic opts for Czech PPF offer, shuns MFE, sources say
Audio By Carbonatix
MUNICH (Reuters) -Financial investor General Atlantic has tendered its 2.4% stake in German media group ProSiebenSat.1 to Czech investment company PPF, two people familiar with the matter told Reuters on Tuesday.
By taking PPF’s cash offer of 7 euros ($8.17) per share for ProSieben, General Atlantic is going against the endorsement of ProSieben’s management for a higher rival offer by MFE-MediaForEurope, which is partly paid in MFE shares, indicating that MFE faces some difficulties in its bid for control over ProSieben.
General Atlantic, PPF and ProSieben declined to comment. MFE did not immediately respond to a request for comment.
($1 = 0.8567 euros)
(Reporting by Alexander Huebner in Munich;Writing by Ludwig Burger; Editing by Emelia Sithole-Matarise)