The National Securities Market Commission (CNMV) has decided to lift from 8:30 a.m. on Wednesday the precautionary suspension that it agreed last Monday on the trading of Mediaset shares on the stock market. The supervisory body proceeds to collect “as a result of having been made available to the public, in the governing companies of the Stock Exchanges and in the CNMV, sufficient information on the circumstances that advised the adoption of the suspension agreement.”
Media For Europe (MFE), the media conglomerate of former Italian Prime Minister Silvio Berlusconi, informed the CNMV on Tuesday of the launch of a voluntary takeover bid (OPA) for 44.31% of the share capital of Mediaset España that is still It is not owned by you.
The consideration offered consists of 1.86 euros in cash and 4.5 MFE type A ordinary shares for each Mediaset España share. The effective price of the offer would thus be around 5.6 euros per share, since each of the ordinary type A shares of MFE is 0.83 euros. At the time of its suspension on the stock market, Mediaset shares were trading at a price of 5,120 euros per share.
The titles of Mediaset España, which have dawned the session with a rise of 4%, have turned around seconds later and fell more than 6%. Specifically, the shares of the MFE subsidiary plummeted 6.25%, to 4.80 euros at 09.05.
The purchase offer is subject to a minimum acceptance threshold of 90% of the shares, corresponding to approximately 95.6% of the total capital of Mediaset España; as well as the relevant approval by the Shareholders’ Meeting of MFE-Media For Europe. The media conglomerate has indicated that, from a financial point of view, the operation will provide an increase in EPS (earnings per share) from the first year for the current MFE-Media For Europe shareholders and for those of Mediaset España who accept the offer.
In addition, he underlined that the shareholders of Mediaset España will be rewarded through a 30.1% premium over the volume-weighted average price of the last three months; a 25.2% premium over last month’s volume-weighted average price; a premium of 12.1% compared to the last closing price; and an implicit premium of 59% compared to the market value of Mediaset España’s main television business (without considering the stake in ProSiebenSat.1 Media SE).
He knows in depth all the sides of the coin.