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Business

Springer Makes Offer for ProSieben Stock

Publisher Axel Springer will offer 14.11 ($17.37) euros per share to minority shareholders of the TV broadcaster ProSiebenSAT.1, slightly more than initial estimates, Springer said Tuesday. The group announced its planned takeover of the biggest German commerical broadcaster on Aug.8, offering 2.47 billion euros in cash and shares for a 50.5 percent stake held by investors gathered around the billionaire Haim Saban. Springer was then obliged to make an offer for the outstanding 37.5 percent of ProSiebenSat.1 capital held in the form of non-voting shares quoted on the Frankfurt stock exchange. Springer has estimated the cost of buying those shares at around 1.1 billion euros, bringing the total cost of the deal to 3.57 billion, excluding debt. ProSiebenSat.1 shares traded for 14.36 euros in midday deals in Frankfurt.

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