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Springer takes another step toward buyout

Pub mogul makes another offer for ProSieben

BERLIN — German publishing giant Axel Springer is making a second offer to buy out minority shareholders of ProSiebenSat.1 as part of its $4.9 billion takeover of the broadcast group from Hollywood entrepreneur Haim Saban.

Springer has picked up nearly 13% of the publicly-listed, non-voting preference shares. The buy-out offer is mandatory under German law.

While the deal is subject to approval by federal antitrust authorities and media regulators, Springer now has approximately 70% of the TV group and is seeking to buy the remaining 30% from the stock market.

Springer is offering about $16.88 a piece for the remaining shares until Nov. 3.

ProSiebenSat.1 shareholders who decline the offer will receive preference shares in the combined Springer/ProSiebenSat1 group as part of the merger.

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