french broadcast The group, Canal+, has purchased a larger amount of shares in the acquisition target, MultiChoice Group, and its shareholding rate has exceeded 40% for the first time.
Groupe Canal+'s stake in MultiChoice has increased to 40.01% of the JSE-listed broadcaster's outstanding ordinary shares. This was revealed on Friday in a regulatory filing by MultiChoice to the JSE, which was also published on the stock exchange's news service.
The disclosure comes days after MultiChoice announced that Canal+, which owns DStv, Showmax and SuperSport, has increased its stake in the company to 36.6%.
MultiChoice has agreed to work closely with Canal+ on the mandatory offer made by Canal+ to the former's shareholders. This comes after Canal+ triggered a mandatory offer under South African rules earlier this year to acquire more than 35% of MultiChoice's shares.
Under the Cooperation Agreement, the two major broadcasters will make “reasonable efforts to cooperate with respect to the offer, including the fulfillment of the terms of the offer and the issuance of a combined offer letter.”
Canal+ is offering MultiChoice shareholders R125 per share in cash. If the deal goes through, MultiChoice could be delisted from the JSE. If Canal+'s offer is accepted by shareholders holding at least 90% of the subject MultiChoice shares, the French company reserves the right to delist his MultiChoice from the local stock exchange.
But at the same time, Canal+ said there is an opportunity for South African investors to potentially participate in its proposed European listing.
combined entity
“Canal Plus believes that if the planned European listing goes ahead, there will be an opportunity for South African investors to become shareholders in the merger as part of a secondary inward listing on the JSE,” it said on Monday. Stated.
“In particular, if Canal+'s listing occurs prior to the end of the offer, Canal+ will consider revising the terms of the offer to provide greater opportunity for MultiChoice shareholders to gain exposure to the combined group through this listing.”
Read: Canal+ and MultiChoice team up in acquisition deal
MultiChoice and Canal+ plan to mail a tailored circular to MultiChoice shareholders by May 7th. – © 2024 News Central Media