Canal+ Seizes Control of MultiChoice, Triggering Mandatory Offer
Canal+ has upped its stake in MultiChoice Group to 40.01%, triggering a mandatory offer for the remaining shares. The move, which sees Canal+ gain control of MultiChoice's ordinary shares, has significant implications for the South African media industry. Canal+ has been steadily increasing its stake in MultiChoice, the company behind DStv, Showmax, and SuperSport. The latest hike to over 35% has activated a mandatory offer under South African rules. Canal+ is now offering R125 per share in cash to MultiChoice shareholders, a deal that could see the company delisted from the JSE if accepted by shareholders holding at least 90% of eligible shares. MultiChoice has agreed to work closely with Canal+ on the mandatory offer, indicating a collaborative approach to the takeover. The outcome of this deal will have substantial implications for the South African media landscape, potentially reshaping the industry's dynamics. Canal+'s ambition to expand its African footprint is evident in this move, with the proposed European listing and opportunity for local investors to participate hinting at the evolution of the media landscape. Canal+'s increased stake in MultiChoice has set the stage for a potential delisting and significant changes in the South African media industry. The mandatory offer, if accepted, will see Canal+ gain full control of MultiChoice, paving the way for the French company's expansion in the African market.
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