The company investment private Peninsula will buy more than 372 million of securities of the shareholders of Mediaset, Italy and Spain exercising your right of opposition and not join the merger of the two companies in MediaForEurope (MFE). The group Mediaset, owned by the family Berlusconi, announced the agreement in a note in which he explains that the covenant seeks to limit the potential outlay in charge of the group for the right of withdrawal to shareholders who do not wish to participate in the merger, who would otherwise not be placed.
Mediaset underlined that Peninsula has committed to purchase up to a maximum of 355 million shares of MFE arising from the withdrawal of partners of Mediaset Italy that have a participation of not less than 5% of the capital. Acquire also up to a maximum of 17.8 million shares of the MFE of the shareholders of Mediaset España that are taken out of the operation.
The Italian group has pointed out that the commitment of the Peninsula is conditional on the completion of the merger and that the total number of shares of MFE resulting from the withdrawal of shareholders does not exceed 470 million.
For his part, Peninsula will receive a commission and the purchase price will be equal to the withdrawal action , less a discount that will be applied and that the group did not give the figure.
Mediaset reiterated that "the merger provides strategic advantages and operational" for the creation of a conglomerate that is strong audiovisual , which will be led by "a management team united and cohesive, with a clear vision of the strategic priorities and business model that will create value for investors".
Fusion of Mediaser Italy and Spain
last September 4, Mediaset Italy and Spain approved its merger to create MFE in two a special meeting, held in Madrid and Milan, and despite the strong opposition of the French company Vivendi, which made progress that recourse to justice.
Vivendi has 28.8% of Mediaset Italy, but only able to vote with the equivalent of 9,99% of the voting rights directly, and not with the remaining 19% that have Simon Trust, as Mediaset Italy vetoed the entry of the trust to the meeting.
Vivendi voted against it but not scuppered the project, and now may opt for the output provided in the prospectus of integration, which would oblige Mediaset to pay more than 900 million.
The shareholders of Mediaset, Italy would not join this operation may redeem your shares by 2,770 euros each, while the figure will be 6,5444 euros in the case of Mediaset Spain, all with the condition that the cash paid does not exceed 180 million euros.
Mediaset tries to block the possible decisions of Vivendi to frustrate the operation of this agreement with Peninsula.
Date Of Update: 21 September 2019, 09:01
