Cofina SGPS confirmed today, in a statement to the market regulator, that it received on Thursday a binding offer subscribed by Grupo Media for the purchase of all the shares representing the capital of Cofina Media.
“Cofina SGPS informs that it has received, on yesterday’s date, a binding offer for the acquisition of all the shares representing the share capital of Cofina Media, subscribed by Grupo Media Capital”, informs in the statement released this evening on the website of the Portuguese Securities Market Commission (CMVM).
“The Binding Offer, sent to Cofina at the initiative of Media Capital, will be subject to analysis by the Company”, he says.
The announcement comes a day after the Media Capital group, owner of TVI, informed the CMVM of an offer of 80 million euros, a figure that exceeds by five million the offer of 75 million euros presented on June 30 by Management Buy Out (MBO), which includes Cofina staff and other investors such as Cristiano Ronaldo.
The offer to buy Media Capital, according to Thursday’s statement, is based on the assumption that, on the date of acquisition of the shares, Cofina owns at least the press media – Correio da Manhã; Record; Jornal de Negócios; Destak; Sábado; and TV Guia; television – CMTV International and CMTV program service; ‘online’ – Aquela Máquina; Flash; and Máxima.
In addition, “it is an assumption of the proposed transaction that, on the closing date, the following holdings held” by Cofina will have been sold (‘carve out’): shares corresponding to 50% of the share capital of Vasp – Distribuidora de Publicações, S.A.; and shares corresponding to 50% of the share capital of Mercados Globais – Publicação de Conteúdos.
“This offer is binding as to the proposed transaction, however, it is subject to the validation and verification of the assumptions and conditions contemplated in this offer and the conclusion between the parties of a contract with final terms of the proposed transaction,” the owner of TVI said on Thursday.
Media Capital also says in the document that it “expects to be contacted by the seller” if the proposal “is surpassed by another that will be presented by another interested party”.
