finally got its pop.
Shares of the Spanish-language broadcaster rose 6% in premarket trading Tuesday after a group including Egyptian-born media tycoon Haim Saban emerged victorious with a $12.3 billion agreement to acquire the company.
The group, which also includes private equity firms Madison Dearborn, Providence Equity, Texas Pacific and Thomas H. Lee, will pay $36.25 a share for Univision, which is based in Los Angeles. The price represents decent upside in shares that fell from above $36 at the start of June to $32.03 Monday as Wall Street grew skeptical it could get a deal done.
Still, the takeover will occur at a price that is significantly below what Univision hoped to attract when it put itself up for sale back in February. At the time, Univision, which operates both television and radio stations, hoped to collect as much as $40 a share given its position as one of the only operators serving the booming Hispanic demographic in the U.S.
A separate investor group including Univision minority stake-holder
offered $35.75 for Univision last week. The Televisa suffered several defections and reportedly was unable to get a higher bid off the ground in subsequent days.
In premarket trading Tuesday, Univision rose $1.97 to $34.