Czech investment company PPF (PPFGP.UL) said on Monday it had secured 18.4% of shares in ProSiebenSat.1 XETR:PSM through its tender offer, posing a challenge for rival bidder MediaForEurope (MFE), who earlier secured a 43.6% stake in the German media group.
MFE, owned by the family of late Italian Prime Minister Silvio Berlusconi, had made a bid for all remaining shares in ProSieben, while PPF had targeted a doubling of its stake in the German group to 29.99%.