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Mediaset completes withdrawal rights count

Mediaset has completed the count of shareholders intending to exercise withdrawal rights ahead of its planned merger with Mediaset España and creating of a new Dutch-registered holding company, MediaForEurope (MFE).

Mediset said that withdrawal rights had been exercised for 492,691 shares, or 0.0417% of the total outstanding sharehs in the omcpany, meanting that the shares for which righs have been exercised havea total fvalue of €1,364,754.07.

With only a tiny minority of shareholders exercising withdrawal rights, it is more or less clear that the Italian broadcaster will be free to move ahead with the plan. Mediaset had stipulated a limit of €180 million to pay for withdrawal rights under the terms of the MFE plan.

Withdrawal rights may still be exercised for Mediaset España until October 10.

Mediaset’s plans for the creation of MFE are facing stiff opposition from shareholder Vivendi, which last week initiated legal action against the broadcaster with an Italian court.

Mediaset said it had received a writ of summons from the French media giant requesting the Court of Milan to annul the resolution in favour of the merger passed by the Mediaset EGM in September. Vivendi is also seeking damages from harm to its business and prejudice to the profitability and value of its stake in the company.