Amber Capital to Support Strategy Shift at ProSiebenSat.1 Proposed by MFE
Amber Capital Backing MFE Strategy Shift
MILAN (Reuters) -Amber Capital will support a strategy change at ProSiebenSat.1 proposed by MFE-MediaForEurope at an upcoming shareholder vote, an executive at the activist fund told Reuters.
Amber Capital is in favor of MFE’s plan to separate ProSieben’s e-commerce and dating assets from its core TV operations in order to accelerate the broadcaster’s revival.
MFE’s Strategy Proposal
MFE’s proposal aims to split the group’s e-commerce and dating assets from its TV operations.
MFE, holding nearly 30% of ProSieben, seeks shareholder approval for this restructuring, which has been contested by the Munich-based company.
Amber Capital’s Support
Amber Capital to back MFE’s proposal at the upcoming AGM.
“We will support MFE’s proposal at the AGM as we believe it is the only way to create value for shareholders,” said Joseph Oughourlian, Chairman of Amber Capital.
Market Response
ProSieben shares rise following news of Amber’s support.
ProSieben shares surged after Reuters reported Amber’s endorsement of MFE’s proposal, indicating market approval.
Future Plans
Amber considering increasing ProSieben stake.
Amber may acquire more ProSieben shares before the AGM, depending on market conditions.
Continued Support
Amber to vote for MFE’s candidates in supervisory board elections.
Amber plans to support MFE’s candidates for ProSieben’s supervisory board, aligning with MFE’s vision for the company.
Implications of the Proposal
MFE’s proposal could lead to a buyout offer for ProSieben’s TV business.
If MFE presents a suitable offer, Amber sees potential for the long-suffering ProSieben stock to improve significantly.
