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UPDATE 1-Scripps offers 20 zlotys a share to buy rest of Poland's TVN
July 6, 2015 / 7:43 AM / 2 years ago

UPDATE 1-Scripps offers 20 zlotys a share to buy rest of Poland's TVN

(Adds deadlines, details)

WARSAW, July 6 (Reuters) - U.S. media group Scripps Networks Interactive has offered to pay a total of 3.2 billion zlotys ($843.64 million) to buy the shares in Polish broadcaster TVN it does not already own to take full control over the company and delist it.

Scripps agreed in March to buy a 52.7 percent controlling stake in TVN from financial holding firm ITI and French media firm Vivendi’s Canal+.

That deal valued TVN at around $1.84 billion. Increasing the stake to 100 percent through a purchase of 161 million shares for 20 zlotys each puts the tender call’s value at 3.2 billion zlotys ($843 million).

Offers can be submitted between July 24 and August 24.

TVN’s shares closed at 19.55 zlotys on Friday and were 0.8 percent at 19.71 zlotys at 0715 GMT on Monday.

Scripps 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.

SNI said in June that it intended to offer to purchase the remaining public ownership in TVN, and delist it from the Warsaw Stock Exchange.

TVN offers Scripps -- a newcomer to the Polish market -- a diverse portfolio, including news broadcaster TVN24 and themed channels. It broadcasts popular reality TV formats including the Polish version of Project Runway. ($1 = 3.7929 zlotys) ($1 = 3.7931 zlotys) (Reporting by Agnieszka Barteczko, editing by Louise Heavens)

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