Regional Court Munich I Rules in Favor of ProSiebenSat.1 Media AG
Milbank Acting in Appraisal Proceedings
Munich, 8 September 2006. ProSiebenSat.1 Media AG has been represented by the law firm Milbank, Tweed, Hadley & McCloy LLP in connection with appraisal proceedings before the Regional Court Munich I. The appraisal proceedings had been initiated in connection with the merger of ProSieben Media and SAT.1 Holding into ProSiebenSat.1 Media AG, forming the largest Free-TV station in Germany. The merger had become valid in 2000 already. Various former shareholders of ProSieben Media applied for a review of the merger ratio which had been fixed in the context of the merger. Today, the Regional Court Munich I decided against all applications filed for additional cash payments.
The Milbank team representing ProSiebenSat.1 Media AG included partners Ulrike Friese-Dormann and Norbert Rieger and associate Christoph Rothenfusser (all Coporate Advisory/Public M&A, Munich).
Milbank recently represented ProSiebenSat.1 Media AG also in relation to the intended merger with Axel Springer AG, Germany´s largest newspaper publishing house.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance and transactions, project finance, acquisition finance, and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime, and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The Firm is headquartered in New York, with offices in Los Angeles, Washington, DC, London, Frankfurt, Munich, Tokyo, Hong Kong and Singapore.
Milbank set up its first European office in London in 1979. The firm´s German offices were opened in Frankfurt in 2001 and in Munich in 2004. Milbank´s European presence has more than doubled in the last two years with growing practices in capital markets, corporate, finance, private equity, outsourcing and litigation. By combining the skill and experience of the lawyers in Milbank´s German offices with that of the finance, corporate and tax lawyers based in other Milbank offices, in particular London and New York, Milbank Germany offers its clients fully integrated legal advice at the highest level in these core areas under German, English and US law.