MultiChoice Group Limited (MCHOY)
- Reuters
Canal+ raises buyout offer for South Africa's MultiChoice
JOHANNESBURG (Reuters) -French media group Vivendi's Canal+ has raised its offer to buy all the shares of South Africa's MultiChoice that it does not already own, the companies said. Canal+, the biggest shareholder in MultiChoice, will offer 125 rand per share, valuing the pending shares at about 33.7 billion rand ($1.77 billion) according to Reuters calculations, after its previous offer of 105 rand was rejected last month. Maxime Saada, chairman and CEO of Canal+, told Reuters on Tuesday that the French company had engaged with the board of Africa's biggest pay-TV company to determine a reasonable price that would lead them to resume talks.
- Reuters
Canal Plus must make offer to MultiChoice shareholders, says S.Africa regulator
South Africa's takeover panel has ruled that French media company Groupe Canal+ SA is required to make a mandatory offer immediately to buy shares of pay-TV company MultiChoice that it does not already own, MultiChoice said on Wednesday. It held a 31.67% stake at the time which rose to 35.01% shortly afterwards, topping a 35% threshold where a mandatory offer is required. Its offer of 105 rand per share was rejected by the board of MultiChoice, saying it significantly undervalued the group.
