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MultiChoice and Canal+ Reach Agreement For Buyout

MultiChoice

MultiChoice, the pay-TV giant listed on the Johannesburg Stock Exchange (JSE), has unveiled a strategic partnership with Canal+, the French media powerhouse, divulging details to its investors regarding Canal+’s mandatory offer.

Canal+ recently secured over 35% of MultiChoice’s shares, triggering a mandatory offer according to South African regulations. With a surge in recent acquisitions, Canal+ now commands a 36.6% stake in MultiChoice.

This collaboration entails a joint effort between the two giants to streamline the offer process and issue a unified offer circular. Despite the South African Takeover Regulation Panel’s minimum offer price set at R105 per share, Canal+ is surpassing expectations with an elevated offer of R125 per share.

Originally slated for completion by April 8, the takeover deadline might see an extension pending approval from the South African Takeover Regulation Panel. To ensure transparency, MultiChoice has established an independent board and engaged Standard Bank of South Africa Limited to scrutinize the offer terms.

If the deal happens, MultiChoice might say goodbye to the JSE as Canal+ considers delisting it. However, Canal+ hints at potential opportunities for South African investors through its planned European listing and a proposed secondary inward listing on the JSE.

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