Management and Supervisory Boards publish joint reasoned opinion regarding mandatory public offer
Munich (ots)
The Management Board and Supervisory Board of ProSiebenSat.1 Media AG have today published their joint reasoned opinion pursuant to Sec. 27 of the German Securities Acquisition and Takeover Act on the mandatory public offer submitted by P7S1 Holding. The two boards have come to the conclusion that the mandatory public offer complies with the statutory requirements. However, the boards are of the opinion that the current value of the ProSiebenSat.1 preference shares is higher than the purchase price offered by the bidder for the ProSiebenSat.1 preference shares. The Management Board and the Supervisory Board did not make a recommendation to the shareholders whether or not to accept the offer.
P7S1 Holding is offering EUR 6.00 per preference share (German securities ID: WKN 777117; ISIN: DE0007771172). This amount corresponds to the average weighted share price of these shares during the last three months before publication of the acquisition of a controlling interest in ProSiebenSat.1 by P7S1 Holding and thus complies with the provisions of the German Securities Acquisition and Takeover Act. P7S1 Holding is offering EUR 8.00 for the ordinary shares. The acceptance period has been running since October 16 and terminates on November 14, 2003.
The joint reasoned opinion of the Management Board and Supervisory Board of ProSiebenSat.1 Media AG has been published under www.ProSiebenSat1.com.
ots Original Text Service: ProSiebenSat.1 Media AG Internet: http://www.presseportal.de
Contact:
Dr. Torsten Rossmann
Company Spokesman ProSiebenSat.1 Media AG
Medienallee 7
D-85774 Unterföhring
Phone: +49 [89] 95 07-11 80
Fax: +49 [89] 95 07-11 84
E-mail: Torsten.Rossmann@ ProSiebenSat1.com
Press release online: www.ProSiebenSat1.com
Original content of: ProSiebenSat.1 Media SE, transmitted by news aktuell