French media company Canal+ has confirmed its intent to acquire additional shares of South African pay-TV company MultiChoice (MCGJ.J) by April 8, following a ruling by South Africa’s Takeover Regulations Panel.
With a 35.01% shareholding in MultiChoice, Canal+ is required to make a firm intention announcement, prompting a mandatory offer. Canal+ had previously proposed to purchase the remaining shares at 105 rand per share, offering a 40% premium.
MultiChoice rejected the offer, citing undervaluation. The board of MultiChoice affirmed its commitment to act in the best interests of the company and shareholders. Canal+'s bid aligns with the aim of French billionaire Bollore to capitalize on Africa’s growing entertainment market, particularly in local content and sports. As the biggest shareholder in MultiChoice, Canal+'s shares rose by 2.56% after the announcement, indicating the significance of this development in the media and pay-TV industry.
The ongoing dynamics between Canal+ and MultiChoice, as well as the regulatory oversight involved, will be closely monitored by industry stakeholders in the coming weeks.
Source: Nairametrics
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