(Reuters) – The Supervisory Board for Prosiebensat.1 will later meet on Sunday to discuss a potential agreement that could give us the US private equity the general Atlantic and the share of the minority in the German broadcaster.
General Atlantic is a co -investor in the Prosieben Internet units for comparison of Verivax prices, perfumes E -retailer Flaconi and the Parsship Group – which the television group is trying to sell.
Profieben said that at the beginning of this month he was working on an agreement on the purchase of minority shares of the American company in Parsshipmeet and the NUCOM group, the Housing Verivox and Flaconi holding company, using compulsory convertible bonds to issue or possibly treasure shares.
The agreement would make Prosiebensat.1 The only owner of digital assets and eliminating the obstacle of the proposed sale of Verivax and Flaconi, which is to be blocked by the general Atlantic.
Profieben is considering the possibility that the shareholders' vote in issuing the shares necessary for the mandatory convertible, one of the sources said.
It can do this through a “conditional” increase in capital, allowing the company to issue up to 23.3 million shares or 10% of its share capital, only with the approval of the Supervisory Board, the person said.
Prosieben and General Atlantic refused to comment.
The possibility of “contingent capital” would dilute the betting of existing shareholders of Prosieben, including the best investor MFE-Mediaforeurope, which holds almost 30% of Prosieben just below the threshold, which under German law launches a mandatory offer.
The MFE, dominated by the Italian Berlusconi family, ensured 3.4 billion Euro funding a package to finance the potential takeover of Prosieben, which could launch at the end of this year under pressure to build a European transmitter financed by AD.
The MFE would use part of the debt package to refinance EUR 2.1 billion in the gross debt Prosieben may have to repay if the MFE exceeds 50% of the voting share. The provisions of the “change of control” in debt contracts give the creditors the opportunity to do it.
Prosieben had a market capitalization of EUR 1.4 billion at Friday prices.
(Reporting Elvira Pollina in Milan; further reports Christoph Steitz in Frankfurt;
