KKR, Permira submit ProSieben buyout offer


COLOGNE, Germany -- Private equity companies KKR and Permira have submitted their buyout offer to minority shareholders of German broadcaster ProSiebenSat.1, offering €22.45 ($29) per share for non-voting stock and €28.71 ($37) per share for voting stock.

Shareholders have until March 13 to accept or reject the offer.

KKR/Permira acquired majority control of ProSiebenSat.1 in December in a $4 billion deal with a group of investors headed by Haim Saban (HR 12/15). The deal gave KKR/Permira 88% of ProSieben's voting stock and 13% of its common, non-voting shares.

Under German law, KKR and Permira are required to make a buyout offer to minority shareholders equal to ProSieben's average share price over the past three months.

Shares in ProSiebenSat.1 jumped 0.4% in late-day trading Tuesday to €25.65 ($33.2).