Scripps Networks Interactive (“SNI”) announced yesterday its intentions to make a public tender offer to acquire 100% of TVN. The offer is to be launched upon completion of SNI’s purchase of a majority ownership stake in TVN from ITI and Canal+ Group.
SNI is required by Polish law to initiate a mandatory public tender offer to increase its ownership interest in TVN up to 66%, within three months of completion of the purchase of 52.7% in TVN. Scripps Networks Interactive announced that additionally it intends to offer to purchase the remaining public ownership in TVN and delist it from the Warsaw Stock Exchange. No price for the offer has yet been set.