France’s Canal+ has upped a buyout offer for African TV and streaming giant MultiChoice to around $1.77B. Vivendi-owned Canal+ is already MultiChoice’s biggest single shareholder, and last month had an earlier offer rejected on grounds it significantly undervalued the African company.
The new mandatory offer stands at around 125 South African rand per share ($6.60), which values MultiChoice at about 33.7B, according to Reuters.
A statement from the two companies said a period of exclusivity will kick in while shareholders assess the new offer. Canal+ currently owns just over 35% of MultiChoice, which owns pay-TV services and streamer Showmax.
When it hit this shareholding threshold, it became mandatory to launch a takeover offer per a local takeover regulations panel.
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