Vivendi seeks new deal with Mediaset over question - Our Dreambox World - Japhar Sim Forum - http://www.japhar.com/

#9114 - 07/26/16 01:30 PM Vivendi seeks new deal with Mediaset over question
Admin Japhar Member Carpal Tunnel Registered: 10/19/10 Posts: 9993	Vivendi seeks new deal with Mediaset over questions on Premium value July 26, 2016 Vivendi has pulled out of its planned acquisition of an 89% stake in Mediaset Premium and submitted an alternative proposal to take a 20% in the pay TV outfit after the emergence of what it described as ï¿½significant differencesï¿½ in its analysis of Mediaset Premiumï¿½s results. Vivendi said that its CEO Arnaud de Puyfontaine wrote to Mediasetï¿½s management on June 21 to inform the Italian broadcasterï¿½s management of its concerns. The media giant said that it submitted its alternative plan to Mediaset yesterday. Mediaset acknowledged that it had received a communication from Vivendi with the alternative proposal, which it said changed the value of the agreement and of Mediasetï¿½s capital. Vivendi said it would go ahead with the exchange of 3.5% of its capital with Mediaset, but that it would only purchase 20% of Mediaset Premium instead of the agreed 80%. It said it would purchase a further 15% of the pay TV unitï¿½s capital in three years through a convertible bond issue. Mediaset made it clear in its statement that Vivendiï¿½s proposal was a surprise and that it was not agreed. It said it was contrary to the commitments made by Vivendi in its April 8 agreement with Mediaset. It said it would pursue its rights by all means available. The Italian companyï¿½s board will meet later this week to disucss its interim results and is expected to address the matter. Vivendi for its part said that it still had a ï¿½desire to build a major strategic alliance with Mediaset and Mediaset Premiumï¿½. A Vivendi spokesman told DTVE that differences had emerged as a result of due diligence performed by Vivendi after its April agreement. She said that Vivendi remained committed to finding an agreement and to its strategy to build media assets in Italy and southern Europe. Continued losses at Mediaset Premium helped push its parent company into the red in the first quarter, posting a loss of ï¿½18 million as against a profit of ï¿½0.6 million for the same period last year. Mediaset shares fell sharply on the news. http://www.digitaltveurope.net/573992/vi...-premium-value/ _________________________
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