US media group Scripps Networks Interactive is offering PLN20 (€4.8) per share to minorities in Polish media group TVN as it launches its bid to delist the company, DM Bank Handlowego, which is managing the offer, announced on July 6.
The US company hopes to acquire 160.95mn shares in the Polish broadcaster and internet portal operator via its Southbank Media unit. That would see it buy the remaining 47.3% it does not currently own. The price of the offer was flagged in May in a Scripps filing on a bond issue in the US.
On July 2, Scripps completed the takeover of a 52.7% stake in TVN. According to the deal, the US media group will pay €584mn in cash for a 52.7% stake in the operator of several Polish TV channels, as well as the leading internet portal. It will also assume €856mn in debt.
Following the takeover, Scripps is required under Polish law to offer to raise its stake to 66%. However, it plans to buy all shares.
Scripps has set no minimal number of shares required for the tender to go through. In the event of reaching at least 90%, it will launch a mandatory squeezeout and delist the company, it says in the market filing.
Scripps reportedly fought off strong interest from several media giants - mostly from the US and Germany - for TVN. The long-running sale saga ended in March when sellers ITI and Canal+ Group announced they had reached agreement with the US media holding.
TVN is seen likely to benefit from Poland's rapidly improving consumer market, with the return of economic confidence seeing domestic demand once again take up the baton to drive the economy. The ad market has been growing quickly in recent months, and is seen set to continue in the coming years.
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