TMG Makes Another Bid for German Production Group Odeon Film
Herbert Kloiber submits takeover bid to Odeon shareholder for a 67% stake in the company
COLOGNE, Germany -- Herbert Kloiber has made another bid for German production group Odeon Film, submitting a takeover bid to Odeon shareholders for a 67% stake in the company.
Kloiber is eager to expand his media empire -- which includes distributor Concorde, multiplex group CinemaxX and TV channels Tele 5 and ATV -- by adding Odeon, one of Germany's largest production conglomerates. Odeon has 11 TV and film production companies under its corporate umbrella. Its mainstay are crime series for Germany's public broadcasters.
But buying Odeon has proved difficult. The company is controlled by a media fund with 2,200 independent investors, many of whom are opposed to the Kloiber deal.
Tele Munchen made a takeover offer for Odeon this time last year and was rebuffed. Since then, Odeon has been the site of boardroom battles between shareholders, management and the advisory board.
Several other companies are thought to be eyeing Odeon, among them Jan Mojto's Beta Film.
It is unclear how much Kloiber is willing to pay for Odeon. A statement from the company would only say Tele Munchen's offer was the best of several bids. Odeon shareholders have until Dec. 31 to accept or reject the offer.