The German Prosieben holds a meeting of the Committee for General Atlantic Deal, sources say
(Reuters) – The Supervisory Board of Prosiebensat.1 will meet later on Sunday to discuss a potential agreement that could surrender to a US private capital company with a minority share in German Emiters, for Reuters two sources of close things.
General Atlantic is a -Investor in Prosieben’s internet units -website for comparison of the price of Verivox, E -founder of Flaconi perfumes and an online platform to get to know the parshipmeet Group -which TV group wants to sell.
Prosieben said that earlier this month he worked on the Agreement on the purchase of a minority role of American company at Parshingmeet -UIu Nucrom Group, Holding Company Housing Verivox and Flaconi, using a mandatory bond to issue or possibly a cash register.
The agreement would do Prosiebensat.1 The only owner of digital assets, removing the obstacle to the proposed sale of Verivox and Flaconija, which General Atlantic currently has the power to block.
Prosieben considers an option that must be scored by a shareholder voting in issuing the shares needed for a mandatory convertible bond, one of the sources said.
This can do so through a “contingent” increase in capital, an option that allows a company to issue up to 23.3 million shares or 10% of its share capital, with the only approved of the Supervisory Board, said that person.
Prosieben and General Atlantic refused to comment.
The “contingent capital” option would diminish the role of existing shareholders, including the top investor MFE-mediaforourope, which holds almost 30% of seduce, just below the threshold that triggers a mandatory offer under German laws.
The MFE, under the control of the Berlusconi Italian family, provided a package of funding of 3.4 billion euros to finance the potential take over Prosieben, which could launch later this year under pressure under the construction of a European emistera financed by AD.
The MFE would use part of the debt package for refinancing 2.1 billion euros to gross long sub -prime, it may need to be repaid if MFE exceeds 50% voting stake. The ‘change of control’ clause in the debt contract provides Prosieban creditors to the possibility of doing so.
Prosieben had a market capitalization of 1.4 billion euros at prices on Friday.
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