Mediaset moves to delist Endemol shares
EmptyLOCARNO, Switzerland -- Italian broadcaster Mediaset filed the paperwork Monday to delist Dutch reality television producer Endemol from the Amsterdam Stock Exchange.
The news comes as Italian daily Corriere della Sera reported that Marco Bassetti, head of Endemol's Italian unit for the past six years, will become the parent company's top administrator. Mediaset officials were unavailable for comment. The appointment would complete a management shake-up at Endemol that began in mid-July.
Plans for the delisting of Endemol shares can move forward now that Mediaset-led consortium Edam Acquisition owns 99.5% of the shares.
The latest share offer, in which Endemol stockholders were offered €24.55 ($33.88) per share -- a 12% discount from the €5.5 billion ($7.6 billion), or €28.03 ($38.68) per share that Edam Acquisition paid Telefonica in May -- was criticized by financial analysts for being too low when it was filed in early July.
The share offer expired Thursday and Mediaset would have raised its offering price if the month-long offer did not acquire enough shares.
Delisting a company eliminates the requirement to report earnings and other financial information on a regular basis.
The company has said previously that, in the future, Endemol earnings will be included in Mediaset's financial results.