The executive and supervisory boards of ProSiebenSat.1 have formally endorsed a takeover bid by MFE-MediaForEurope, the pan-European TV group controlled by Pier Silvio Berlusconi, after MFE upped its offer for the German broadcaster.

Describing the revised offer — which will see MFE offer ProSieben shareholders a cash payment of €4.48 ($4.90) per share and a swap of 1.3 MFE A-shares per ProSieben share — as “adequate,” the boards called on ProSieben shareholders to support the bid.

The cash offer is unchanged from MFE’s original bid, but the share swap component is significantly improved, up from an original offer of 0.4 MFE-A shares per ProSieben share. Based on MFE-A’s Aug. 4 closing price, the total package is valued at around €8.07 ($8.83) per share, representing a 24 percent pre

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