KKR and Permira haggle over remaining ProSiebenSat.1 shares

After months of wrangling over ProSiebenSat.1, investors Kohlberg, Kravis and Roberts (KKR) and Permira now want to take over the ProSiebenSat.1 Group in its entirety. The new majority shareholders are offering EUR 28.71 in cash per ordinary share and EUR 22.45 for each non-voting preference share, as reported by the news agency SDA. The remaining shareholders have until March 19 to respond to the offer. The British company Permira and the US fund KKR acquired a majority stake in the media group from US billionaire Haim Saban for around 3 billion euros in December. At the time, they beat the Turkish media company and the consortium of Apax and Goldman Sachs out of the race.
KKR and Permira currently hold around 88% of the shares and around 13% of the preference shares. The two private equity firms are planning to create the largest TV group in Germany. To this end, they want to merge their media group SBS with dozens of television and radio stations in Europe in order to compete with Europe's largest television and radio company RTL. According to the investors, no jobs should fall victim to the project.