The Takeover Regulation Panel (TRP) has granted Canal+ an extension to make a mandatory offer to MultiChoice shareholders.
“Canal+ is required to, and will publish a firm intention announcement by no later than Monday, 8 April 2024,” said the TRP in a statement.
MultiChoice noted the announcement made today by Canal+ that the TRP has granted it an extension of 25 business days, until 8 April 2024, to make the required mandatory offer.
“The MultiChoice board of directors will continue to act in the best interests of the company and its shareholders. Shareholders will be updated should there be any further developments.”
On 1 February, Canal+ said it had offered R105/share for every MultiChoice share it did not already own. It said the offer — worth an estimated R31.7-billion, and representing a 40% premium to MultiChoice’s closing share price of R75 on 31 January.
MultiChoice had earlier spurned the Canal+ offer and told its shareholders that they no longer had to exercise caution in trading in the group’s shares.
Undeterred by the rejection, Canal+ — already the largest MultiChoice shareholder — raised its stake to 35.01%, prompting a mandatory offer to shareholders and effectively initiating a hostile takeover. Given that the board turned down a previous offer by the French company to buy controlling shares, the priority for MultiChoice has to be fending off Canal+.
On 1 February, Canal+ said it had offered R105/share for every MultiChoice share it did not already own. It said the offer — worth an estimated R31.7-billion, and representing a 40% premium to MultiChoice’s closing share price of R75 on 31 January.
MultiChoice had earlier spurned the Canal+ offer and told its shareholders that they no longer had to exercise caution in trading in the group’s shares.
Undeterred by the rejection, Canal+ — already the largest MultiChoice shareholder — raised its stake to 35.01%, prompting a mandatory offer to shareholders and effectively initiating a hostile takeover. Given that the board turned down a previous offer by the French company to buy controlling shares, the priority for MultiChoice has to be fending off Canal+.
Also read: PIC Ups Its Stake In MultiChoice
The Public Investment Corporation (PIC) has upped its stake in MultiChoice to 15.1% on Friday morning.
The owner of DStv and GOtv informed investors that the PIC has acquired an additional interest in the ordinary shares of the company.
The PIC shares in MultiChoice now amounts to 15.1% of the company’s total ordinary shares in issue.
The PIC previously held a 12.25% stake in the company on behalf of pensioners.
“As required in terms of section 122(3)(a) of the Act, MultiChoice has filed the required notice with
the Takeover Regulation Panel,” MultIchoice said in a statement.
