Financial investor General Atlantic has tendered its 2.4% stake in ProSiebenSat.1 to PPF, rejecting MFE’s rival offer. ProSieben’s management endorses MFE’s bid, valued at 1.8 billion euros, with potential annual savings of 150 million euros. PPF plans to double its stake in ProSieben to 29.99% with an all-cash bid. Acceptance periods for both offers end Wednesday.

MFE pursues ProSieben to create a European TV company to rival Netflix and Amazon Prime. MFE’s bid includes 4.48 euros in cash and 1.3 of its own shares, totaling around 8 euros per ProSieben share. PPF declines to raise its offer in response to MFE’s sweetened bid. All parties involved declined to comment.

Read more at Yahoo Finance: ProSieben investor General Atlantic opts for Czech PPF offer, shuns MFE, sources say