Canal+ gets more time to make MultiChoice buyout offer

Groupe Canal+ has been given an extra 25 days to make a mandatory offer to shareholders of JSE-listed MultiChoice Group.

This comes after the TRP ruled that Canal+, after having bought more than 35% of MultiChoice’s shares, had triggered the threshold under South African law that required it to make the mandatory offer.MultiChoice’s board had on 5 Februaryof R105/share and told its shareholders that they no longer had to exercise caution in trading in the group’s shares. But that was before Canal+ upped its stake to beyond 35%.

According to the regulations, Canal+ must make a “firm intention announcement” to MultiChoice shareholders.

Fifty percent of the voting rights in MultiChoice, other than those held by Canal+ , must agree for the mandatory offer to succeed. Barring that, Canal+ is not at liberty to back out of the deal.

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