Bertelsmann may buy all of Europe TV broadcaster RTL

By Nicola Leske

FRANKFURT (Reuters) - European media group Bertelsmann BERT.UL said on Tuesday it may buy the rest of RTL Group Plc AUDK.LU it does not own, but would not pay more than 82 euros per share for the 10.2 percent stake in Europe's leading TV broadcaster.

At 82 euros, RTL's outstanding shares would be valued at about 1.3 billion euros ($1.91 billion) and be an almost 19 percent premium to Monday's closing price of 69.1 euros.

Bertelsmann, which has 89.8 percent of RTL, said it had not yet decided whether to acquire the outstanding shares.

Shares in RTL were suspended on the Brussels bourse at 8:29 a.m. ET on Tuesday.

"Should Bertelsmann make an offer, RTL group will assess such an offer in accordance with the interests of the company, its employees and its minority shareholders," Luxembourg-based RTL said.

An industry source said the potential maximum price presented a multiple of 12.1 times estimated 2008 EBITDA compared with a sector average of 8.2 times.

"Shares in broadcasting companies have been under some pressure this year," the person said, adding a purchase would make sense after Bertelsmann bought out a minority stakeholder last year.

Bertelsmann, controlled by the Mohn family for more than 100 years, has gone to great lengths to avoid a public listing, buying back a 4.5 billion euro stake from Belgian investor GBL LAMBt.BR, which wanted to force a flotation.