Altice made a 440 million euros' offer to purchase Media Capital and the administration of TVI's owner has a favorable opinion on the takeover bid.
Media Capital considers Altice’s takeover bid, launched last month, to be “appropriate” and that the counteroffer made is “adequate”, states Media Capital in a press release sent this Friday to the Portuguese Securities Market Commission (CMVM).
Altice proposes to buy Media Capital for 440 million euros. That amount includes the takeover bid on around 5% of TVI’s owner share capital (94.96% of Media Capital is owned by Prisa). Altice offered 2.5546 euros per share for those 5%, an amount which consists of a total of 84 million shares; the offer is assessed at 11.5 million euros.
Media Capital administrators gave their positive opinion on that takeover bid in an official statement: “The Board of Administration considers the offer is appropriate since it does not affect the normal development of the company”. Media Capital also believes the counterpart being offered is “adequate”, and that it “meets an interval of a valuation of the company we consider reasonable and appropriate”.
The strategy proposed by Altice consists of boosting Media Capital in the Portuguese market, while increasing the investment in TVI 24 and creating new services. Media Capital is pleased with this plan: “The Board considers this to be a positive strategy, namely, maintaining and strengthening both TVI’s digital strategy and their investment policy on Portuguese contents”, the company states.
“The Board believes the Media Capital Group should maintain the editorial independence of the news media it manages, as well as its editorial line and strategy which define the journalistic and communication style followed by the group which set it apart from other media in Portugal”, it is stated in the statement.
The document ends by saying that these are the reasons why “the Board of Administration of Media Capital considers the offer to be appropriate, and the terms to be adequate”.