Impresa shares leap 7.5% as MFE takes 32.9% through capital injection

The shares of Portuguese media group Impresa went up 7.52% to €0.24 each on Thursday following the announcement that Italian media group MFE had acquired 32.9% of the company that holds the TV station SIC and newspaper Expresso.

The operation was done through a capital raise in the listed company from MFE founded by Silvio Berlusconi which has a shareholding position in Impresa of 32.934%  thereby effectively staving off the threat of a hostile takeover bid.

The capital increase was wholly subscribed by MFE. The price as a result of this capital increase will be €0.21 per share – a value that corresponds to the average price perf share seen over the previous six months to October 15 inclusive.

In relation to the closing price of Impresa this Wednesday, after a session in which it fell 4.24% to €0.226 euros, the price implies a discount of 7.1%.