MFE reduces threshold of acceptance for Mediaset España offer

MediaForEurope (MFE), the Dutch-registered media outfit formerly known as Mediaset, has changed the terms of its proposed acquisition of shares it doesn’t already own in Mediaset España.

MFE has filed a request with Spanish regulator the CMNV to reduce the threshold of acceptance of its offer from 95.8% of the total share capital of the Spanish operation to 85%.

As MFE already owns 55.69% of the Spanish operation’s share capital, that translates into 66.15% of the shares targeted by its offer.

The change means that the offer could be settled without riggering the automatic delisting of the MES’ shares from Spanish Stock Exchange.

“In this scenario, the MES shares would remain listed in the Spanish Stock Exchange and MFE does not contemplate to launch an offer in cash aimed at the delisting,” MFE said.

MFE said it may look to merge the Italian and Spanish operations after six months, giving Mediaset España shareholders  the option to exchange their shares for MFE shares.

In this case, MFE would commit to list its own shares on the Spanish exchange, the company said.

MFE launched its public bid for the Spanish outfit in March, offering €5.613 per share in the form of €1.86 in cash and 4.5 ordinary A shares in the parent company, giving Mediaset España a value of €778.9 million.