BREAKING NEWS

Broadcaster CME shares fall 6% after PPF deal

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PRAGUE (Reuters) – Shares in Central European Media Enterprises (CME) <CETV.PR> <CETV.O> fell more than 6% in Prague on Tuesday as markets reopened after a long holiday weekend to news that Czech investment group PPF had agreed to acquire the broadcaster.

The dual-listed shares traded down 5.8% at 101.20 crowns ($4.39) in Prague at 0819 GMT. They had closed down 5.2% at $4.41 on the Nasdaq on Monday.

CME said on Sunday it had agreed to be acquired by PPF, which will pay $4.58 per share to shareholders. The largest shareholder, AT&T <T.N>, had agreed to vote in favour of the deal, CME said.

($1 = 23.0380 Czech crowns)

(Reporting by Jason Hovet, editing by Louise Heavens)

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