Milbank LLP has advised ProSiebenSat.1 Media SE (“ProSiebenSat.1”) and its executive board in connection with the voluntary public takeover offer by Italian media conglomerate MFE - MEDIAFOREUROPE N.V. (“MFE”), and a competing partial public acquisition offer by PPF IM LTD (“PPF”), an indirect subsidiary of Czech investment firm PPF Group N.V.
On May 8, 2025, MFE launched its voluntary public offer for ProSiebenSat.1. On June 4, PPF followed with a competing partial acquisition offer aimed at increasing its stake in ProSiebenSat.1. On July 28, MFE raised its takeover bid for ProSiebenSat.1. The acceptance period for both the amended MFE offer and the PPF offer expired on August 13. ProSiebenSat.1 shareholders can still tender their shares into the amended MFE offer during an additional 2-week acceptance period, which is expected to commence on August 19, 2025. The PFF offer has expired and can no longer be accepted.
ProSiebenSat.1 is the home of popular entertainment and infotainment and a leading entertainment player in the German-speaking region. The company complements its core entertainment business with digital consumer brands in the commerce & ventures and dating & video segments.
The Milbank team advising ProSiebenSat.1 was led by partners Norbert Rieger and Christoph Rothenfusser (both Corporate/M&A, Munich) and included partners Philipp Klöckner (Corporate Finance & Securities, Frankfurt), Thomas Kleinheisterkamp (Tax, Munich), Alexander Rinne (Antitrust, Munich) and Thomas Ingenhoven (Finance, Frankfurt), special counsels Karoline König (Corporate Finance & Securities, Frankfurt), Sebastian Reiner-Pechtl (Corporate/M&A, Munich) and Thomas Möller (Finance, Frankfurt), as well as associates Maximilian Hirschfeld, Rabea Regh (both Corporate/M&A, Munich) and Christoph Wolf (Tax, Munich).
