French media conglomerate Canal+ continues to buy more shares in JSE-listed broadcaster MultiChoice.
Following a significant increase in ownership, Canal+ has triggered a mandatory offer for minority shareholders in MultiChoice Group. This action was required after a predefined threshold established by JSE was exceeded.
According to JSE regulations, if an individual or legal entity acquires at least 35% of a listed company, it must also make a mandatory offer to other shareholders based on terms agreed with the main exchange.
Canal+ has made a mandatory offer to acquire all outstanding shares of MultiChoice Group not already held by the conglomerate. The proposed acquisition price is R125.00 per share, to be paid in cash. This demonstrates Canal+'s commitment to further strengthen its position within the media landscape.
Today, Canal+ announced that it has increased its stake in MultiChoice to 40.83%.
Canal+ acquired an additional 3,653,492 MultiChoice shares in on-market/off-market transactions as follows:
- On Friday 12 April 2024, Canal+ acquired 1,824,696 MultiChoice shares in on-market and off-market transactions at an average consideration of R117.50 per MultiChoice share.
- On Monday 15 April 2024, Canal+ acquired 810,391 MultiChoice shares in an on-market/off-market transaction at an average consideration of R115.99 per MultiChoice share.
- On Tuesday 16 April 2024, Canal+ acquired 1,013,312 MultiChoice shares in on-market and off-market transactions at an average consideration of R115.95 per MultiChoice share.
- Canal+ acquired 5,093 shares of MultiChoice stock in an on-market/off-market transaction on Wednesday, April 17, 2024. The average consideration per MultiChoice share is R116.00.
“Canal+ confirms that these acquisitions have already been disclosed to the Takeover Regulation Authority (TRP) under the provisions of the Companies Act No. 71 of 2008 (Companies Act) and Chapter 5 of the Companies Regulations 2011 (Takeover Regulations). I have confirmed it.” company.