U.S. investor Haim Saban, who is buying control of Germany’s biggest television broadcaster, asked German regulators for exemption from the obligation of making an offer for ProSiebenSat1 Media’s remaining shares.
Saban wants to pay $457 million to $571.2 million less for the broadcaster by avoiding an offer to the remaining shareholders, arguing that the firm is in reorganization, the Financial Times reported.
K Capital Partners, which owns ProSiebenSat1 shares, said it would seek “legal remedies” against a decision to free Saban from the obligation. According to German takeover law, anyone who buys more than 30% of a firm has to make an offer to the remaining shareholders of at least the value of the original bid.
From Bloomberg News