Highlight Communications has moved to play down reports of an imminent takeover of its parent firm, German media company Constantin Medien.
Multiple reports stated that Highlight had made a takeover bid of more than €2.3 ($2.7) per share for Constantin, which is in the process of restructuring its operations.
However, Highlight said such reports are based on the “misinterpretation” of a factual clause. It added in a statement: “The company has committed itself to nothing and always (said) that additional conditions must be met for a takeover bid.
“The company continues to examine such a takeover offer and means to finance as required by German law. Decisions have not yet been made, neither whether or not an offer is submitted, or at what price.”
The latest reports come after Constantin Medien last month said it had reached an agreement to end all legal proceedings in the Swiss courts with Highlight Communications.
The two parties had been at odds after Constantin resisted a capital increase planned by Highlight, which is intended to reduce the German company’s stake in the firm from around 43.6 per cent to about 32.7 per cent.
Highlight agreed to reverse the foundation structures installed as means of defence against hostile takeovers, which had been granted options for the temporary purchase of the majority of the common shares and particularly the voting rights in the Team Marketing agency, as well as Constantin Film.
Constantin said that no further legal proceedings would be taken against the execution of the capital increase at Highlight which will result in the reduction of Constantin’s stake.
Earlier this month, the management board of Constantin Medien curtailed a process to sell sports broadcaster Sport1 and advertising sales division Sport1 Media. Constantin Medien had initiated a sales process for Sport1 and Sport1 Media earlier this year, with pay-television broadcaster Sky Deutschland among those reported to be interested.
Team Marketing is controlled by Highlight Communications and holds a long-term agreement with Uefa, European football's governing body, under which it serves as the exclusive agent for the global marketing of commercial rights relating to the Champions League, Europa League and Super Cup club competitions.