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Canal+ buys more MultiChoice Group shares

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French pay-TV company Canal+ has increased its current stake in South African pay-TV and streaming company MultiChoice Group to 40%.

Earlier this week, the French company made an offer to buy MultiChoice ordinary (common) shares that it did not already own for US$2.9 billion, pending regulatory clearance.

At the time, Canal+ owned 35% of the shares in the South African company. However, today in a statement issued via the Johannesburg Stock Exchange (JSE), the pay-TV and streaming company informed its shareholders that the Canal+ stake had increased to 40%.

Earlier this week, Canal+ made an offer to buy MultiChoice ordinary shares that it did not already own for US$2.9 billion, pending regulatory clearance.   (Source: Freepik)
Earlier this week, Canal+ made an offer to buy MultiChoice ordinary shares that it did not already own for US$2.9 billion, pending regulatory clearance.
(Source: Freepik)

"In accordance with section 122(3)(b) of the Companies Act, 71 of 2008 ('the Act'), regulation 121(2)(b) of the Companies Regulations, 2011 and paragraph 3.83(b) of the JSE Limited Listings Requirements, holders of ordinary shares in MultiChoice are advised that MultiChoice has received formal notification, in terms of section 122(1) of the Act, that French media company Groupe Canal+ SA ('Canal+') has acquired an additional interest in the ordinary shares of the Company, such that the total interest in the ordinary shares of the Company held by Canal+ now amounts to 40.01% of the Company's total ordinary shares in issue," MultiChoice told its shareholders.

MultiChoice added that it has informed South Africa's Takeover Regulations and the Companies and Intellectual Property Commission about this development.

Canal+, MultiChoice dealings

In preparation for the completion of the deal, MultiChoice extended the tenure of its chairperson, Imtiaz Patel, until the ongoing deal is completed.

That announcement came after South Africa's Takeover Regulation Panel ruling that Canal+ must make a mandatory offer to buy MultiChoice after acquiring more than 35% of the company on the open market.

Then, in early February 2024 Canal+ offered R105 ($5.50 at the time) per MultiChoice ordinary share – which represented a 40% premium on MultiChoice's closing share price on the JSE of R75 ($3.13) on January 31, 2024 – but MultiChoice believed the offer significantly undervalued the company and rejected the offer.

Follow Connecting Africa on our new X account @connect__africa to get the latest telecoms and tech news across Africa.

In March 2024, the French pay-TV firm made a mandatory offer to MultiChoice shareholders to take up all the shares that it does not already own.

According to media reports, Canal+ will have 90% share of the African pay-TV market, if its takeover of MultiChoice Group is successful.

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*Top image source: Image by Freepik.

Matshepo Sehloho, Associate Editor, Connecting Africa

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