Canal+ Acquisition Of Africa’s MultiChoice Firms Up As Parties Officially Announce Proposed Deal
deadline.comFrench Canal+ Group’s operation to take full control of African media and entertainment giant MultiChoice appears to be moving forward with both parties announcing they had finalized the terms of the mandatory offer in a joint statement on Monday.
Paris-based Canal+ Group, which currently holds a 36.6% in the company, has officially confirmed a second mandatory offer of 125 South African Rand per share for the MultiChoice’s remaining shares, which was first posted on March 5.
This is significantly above its initial offer of 105 South African rand per share on February 1. The need to make a mandatory offer was triggered by Canal+, MultiChoice’s biggest shareholder, raising its holding in the firm above the 35% threshold.
Canal+ and MultiChoice said that they had entered a cooperation agreement regarding the offer. In further details, Canal+ said it would pay for the stake out of its own funds and would not be obliged to borrow to make the acquisition.
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