France's Canal+ Group increased its ownership in MultiChoice from 31.07% to 35.01%, despite a previous takeover offer being rejected.
Pursuant to section 122(3)(b) of the Companies Act, No. 71 of 2008, Regulation 121(2)(b) of the Companies Regulations 2011 and paragraph 3.83(b) of the JSE Limited Listing Requirements, the shareholders of MultiChoice are: is. We have been officially notified of this development.
MultiChoice has filed formal notices with the Takeovers Regulatory Commission (TRP) and the Companies and Intellectual Property Commission pursuant to sections 122(3)(a) and 122(3A) of the Act, respectively. Additionally, MultiChoice requested TRP to determine the need for a compulsory offer to all ordinary shareholders under Section 123 of the Act. Future updates will be made as events unfold.
Last week, Canal+ announced that it has steadily acquired a prominent stake in JSE-listed MultiChoice Group in recent years and is now moving towards taking control of the South African pay-TV conglomerate. But the deal would have to overcome South Africa's strict media ownership regulations to gain approval.
Canal+ announced on Thursday that it expects to offer MultiChoice R105 per share, or a 40% premium to its closing price on 31 January 2024.
The French company already owns 31.7% of MultiChoice's shares.
Read below for more information. France's Canal+ Group Finally Pursues MultiChoice Acquisition
But today's MultiChoice It has categorically rejected a non-binding takeover offer from Groupe Canal+ SA (“Canal+”) at a proposed price of R105 per share in cash.
Shareholders were informed of this through an advisory published in SENS on February 1, 2024.
The proposal came after more than a year of extensive discussions between Canal+ and MultiChoice and was reviewed by the MultiChoice Board of Directors.
Despite Canal+'s public claims about the potential benefits of the merger, MultiChoice said its board concluded that the proposal significantly undervalued MultiChoice and its prospects.
Read below for more information. MultiChoice rejects offer to buy Canal+ at R105 per share