The Czech major shareholder PPF wants more influence in the media group ProSiebenSat.1 DE000PSM7770.

According to a statement on Monday, PPF intends to offer €7 per share in cash, thereby increasing its stake from the current level of just under 15 percent to up to 29.99 percent. This would keep PPF below the 30 percent threshold, at which an offer for the entire group would be mandatory. The €7 offered is a good 17 percent above Friday's closing price and even significantly above the implicit takeover offer from ProSiebenSat.1's major shareholder MediaForEurope NL0015000N09 (MFE), which has been known for several weeks. ProSiebenSat.1 shares rose in pre-market trading on Monday. The ProSiebenSat.1 Executive Board has expressed its support for the PPF offer.

The offer will allow for an expansion of the stake to a similar level to MFE, PPF said on Monday. The Czech company also seeks corresponding representation on the supervisory board. This should ensure a new focus on the board, allowing ProSiebenSat.1's management to implement the existing strategy and drive forward the operational business.