Germany's ProSieben holds board meeting over General Atlantic deal, sources say [Yahoo! Finance Canada]
PROSIEBENSAT1 MEDIA U/ADR (PBSFY)
NASDAQ:AMEX Investor Relations:
prosiebensat1.com/en/contact/investor-relations
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Source: Yahoo! Finance Canada
ProSieben said earlier this month it was working on a deal to buy the U.S. firm's minority stakes in ParshipMeet and in NuCom Group, the holding company housing Verivox and Flaconi, using as payment a mandatory convertible bond it would issue or possibly treasury shares. The deal would make ProSiebenSat.1 the sole owner of the digital assets, removing an obstacle to the proposed sales of Verivox and Flaconi, which General Atlantic has the power to block currently. ProSieben is considering an option it has to sidestep a shareholder vote in issuing the shares needed for the mandatory convertible bond, one of the sources said. It can do that through a 'contingent' capital increase, an option allowing the company to issue up to 23.3 million shares, or 10% of its share capital, with only supervisory board approval, the person said. ProSieben and General Atlantic declined to comment. The 'contingent capital' option would dilute the stakes of ProSieben's existing shareholders, inc
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