WARSAW U.S. media group Scripps Networks Interactive (SNI.N) bought nearly all remaining shares in Polish broadcaster TVN TVN.WA, planning to delist the company from the Warsaw bourse GPW.WA, a brokerage running the deal said on Thursday.
SNI, which already owned 52.7 percent in TVN, bought additional 156.7 million shares, DM Banku Handlowego brokerage said.
According to Reuters calculations, Scripps thus raised its stake to 98.8 percent, allowing for an obligatory squeeze out of the remaining shareholders.
SNI offered to pay a total of 3.2 billion zlotys ($853 million), or 20 zlotys per share, to buy the TVN shares it did not already own and delist it before the end of this year.
The U.S. group — a newcomer to the Polish market — agreed in March to buy a 52.7 percent in TVN from financial holding firm ITI and French media firm Vivendi’s (VIV.PA) Canal+.
SNI was required under Polish law to launch the tender to increase its stake to at least 66 percent within three months of completion of the stake buy. The Polish regulator approved the 52.7-percent purchase mid-June.
Other TVN shareholders included local pension funds owned by the likes of ING(ING.AS), Aviva(AV.L), AXA(AXAF.PA), or PZUPZU.WA.
($1 = 3.7515 zlotys)
(Reporting by Adrian Krajewski)
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