Portugal’s securities regulator waivers duty to launch mandatory take-over bid on Impresa

The family of the late media mogul Fransisco Pinto Balsemão who founded Impresa,  which has the television station SIC and the newspaper and online news source Expresso, has disclosed the main terms of the shareholders’ agreement relating to the respective shareholdings in Balseger, SGPS, S.A., a company holding 71.4103% of the share capital of Impreger, SGPS, S.A., which, in turn, holds 50.311% of the voting rights corresponding to the share capital of Impresa.

On October 31, 2025, and pursuant to article 17 of the Securities Code, Impresa disclosed that it had received from Mónica da Costa Lobo Pinto de Balsemão, Henrique da Costa Lobo Pinto de Balsemão, Francisco Maria Supico Pinto Balsemão, Joana Presas Pinto de Balsemão and Francisco Pedro Presas Pinto de Balsemão (together, the “Participants”) a communication then made available to the market, which included the disclosure of the main terms of the shareholders’ agreement relating to the respective shareholdings in Balseger, SGPS, S.A., a company holding 71.4103% of the share capital of Impreger, SGPS, S.A., which, in turn, holds 50.311% of the voting rights corresponding to the share capital of Impresa. In this communication, the Participants informed that they would request the Portuguese Securities Market Commission to waive the duty to launch a mandatory takeover bid on Impresa.

On this date, the Participants informed Impresa that the Portuguese Securities Market Commission decided to grant the aforementioned request for derogation from the duty to launch a mandatory takeover bid on Impresa, with the decision being conditional upon the effective transfer of the shares within one year.