French media conglomerate Canal+ continues to buy more shares in JSE-listed broadcaster MultiChoice.
Following a significant increase in its ownership stake, Canal+ has triggered a mandatory offer to minority shareholders of MultiChoice Group. This action was necessitated after surpassing a predefined threshold established by the JSE.
In accordance with JSE regulations, when an individual or entity acquires at least 35% of a listed company, a mandatory offer must be extended to other shareholders under terms agreed upon with the main exchange.
Canal+ has put forth a mandatory offer to acquire all outstanding shares of MultiChoice Group not already held by the conglomerate. The proposed purchase price stands at R125.00 per share, payable in cash, signaling Canal+’s commitment to further consolidate its position within the media landscape.
Today, Canal+ announced it has increased its shareholding to 40.83% in MultiChoice.
Canal+ has acquired in on/off market transactions, a further 3,653,492 MultiChoice Shares, as follows:
- On Friday, 12 April 2024, Canal+ acquired 1,824,696 MultiChoice Shares in on/off market transactions for an average consideration of ZAR 117.50 per MultiChoice Share
- On Monday, 15 April 2024, Canal+ acquired 810,391 MultiChoice Shares in on/off market transactions for an average consideration of ZAR 115.99 per MultiChoice Share
- On Tuesday, 16 April 2024, Canal+ acquired 1,013,312 MultiChoice Shares in on/off market transactions for an average consideration of ZAR 115.95 per MultiChoice Share
- On Wednesday, 17 April 2024, Canal+ acquired 5,093 MultiChoice Shares in on/off market transactions for an average consideration of ZAR 116.00 per MultiChoice Share
“Canal+ confirms that these acquisitions have already been disclosed to the Takeover Regulation Panel (TRP) as required under the Companies Act No. 71 of 2008 (Companies Act) and Chapter 5 of the Companies Regulations, 2011 (Takeover Regulations),” said the company.
