Prisa wants €36.8 million for Media Capital

The Spanish media group Prisa says that it will sell its 64% share of Media Capital for a minimum amount of €36.8 million according to an investors presentation sent out in July.

The news comes after the Portuguese media group Cofina relaunched a Public Acquisition Offer (PAO) for Media Capital two weeks ago.
However, the price it is offering Prisa falls short of the amount that the Spanish company is willing to accept to sell its position.
The amount that Prisa will sell its position in Media Capital for is 63% higher than that offered by the company led by Paulo Fernandes, says Jornal Económico.
The business daily cites a presentation sent last month to potential investors. According to the document, Prisa is prepared to sell its 64% stake in Media Capital for a minimum value of €36.8 million, or 67.7 cents per share. This amount is 63% above the 41.5 cents per share that Cofina offered to pay last week when it launched its second take-over bid.
The same document also mentions the existence of an agreement with Pluris, owned by entrepreneur Mário Ferreira, which makes his consent necessary for the sale of the Prisa share in Media Capital to Cofina.
Mário Ferreira acquired 30.22% of Media Capital which owns the television station TVI and radio Comercial.