Canal+, the French premium TV channel, is upping its game in the bid to buy South Africa’s top entertainment firm, multichoice. The company, owned by Vivendi, has sweetened its offer by adding an extra billion dollars, bringing the total bid to $2.7 billion from the initial $1.7 billion.
This move comes after Multichoice initially turned down Canal+’s offer, feeling it wasn’t valuing the company enough. It happened shortly after South Africa’s takeover regulations panel (trp) set a deadline of April 8th, 2024, for Canal+ to make a new offer.
As the largest shareholder in multichoice, Canal+ has revealed that it entered exclusive talks with the company and plans to offer 125 rand per share, up from the previous offer of 105 rand per share.
Canal+ has pledged to make the mandatory offer to buy multichoice by April 8th, in line with the TRP’s ruling. with a 35.01% stake in multichoice, Canal+ sees this acquisition as a way to establish a strong foothold in Africa.
After Canal+’s initial offer on February 1st, 2024, the value of multichoice shares has surged by 52%. Following the announcement of the new offer, multichoice’s shares shot up by 4.7%.
It’s been a rollercoaster of events, but Canal+ appears determined to act in the best interests of multichoice and its shareholders.
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