ProSiebenSat.1 wins shareholder case
EmptyMUNICH -- A shareholder action filed seven years ago when the German channels ProSieben and Sat.1 merged to create ProSiebenSat.1 AG has now been conclusively decided in the broadcaster's favor, the company announced Tuesday.
The Munich supreme court upheld a decision from a district court last September, which stated that there was no difference in value between the shareholders' old shares in the separate companies and the shares they received in the new entity following the 2000 merger. The shareholders had demanded a cash payment of any difference in value found by a court-appointed auditor.
The legal action, called a "Spruchverfahren," allows shareholders to file for an audit with the court if they doubt the adequacy of the price they are offered.