Bertelsmann, the media conglomerate from Germany, has tightened the price range for its placement of shares in the RTL Group between Eur54 and Eur56.50 or US$70.35 and US$73.60 per share. The projected selling price would be nearer the lower end according to two anonymous sources familiar with the transaction who told Reuters.
The RTL Group had previously said that the parent company would be offering shares in RTL as part of a secondary placement priced between Eur54.00 and Eur62.00.
The plan is to offer 23.2 million RTL shares with an option to sell another 2.3 million shares depending on the demand. With the sale, the broadcaster would retain 75% though, down from the current 92.3% being held now.
The offer period would run from the 18th of April to the 29th of April with April 30 as the first day of trading. RTL is currently the largest broadcaster in Europe, with a network of 53 television channels and 28 radio stations located in ten countries.
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