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 41.60% in MultiChoice.
Canal+ has acquired in on/off market transactions, a further 3,374,668 MultiChoice Shares, as follows:
• On Thursday, 18 April 2024, Canal+ acquired 18,633 MultiChoice Shares in on/off market
transactions for an average consideration of ZAR 116.00 per MultiChoice Share
• On Friday, 19 April 2024, Canal+ acquired 101,468 MultiChoice Shares in on/off market transactions for an average consideration of ZAR 115.99 per MultiChoice Share
• On Monday, 22 April 2024, Canal+ acquired 1,618,032 MultiChoice Shares in on/off market
transactions for an average consideration of ZAR 116.42 per MultiChoice Share
• On Tuesday, 23 April 2024, Canal+ acquired 342,678 MultiChoice Shares in on/off market
transactions for an average consideration of ZAR 116.83 per MultiChoice Share
• On Wednesday, 24 April 2024, Canal+ acquired 1,293,857 MultiChoice Shares in on/off market
transactions for an average consideration of ZAR 117.59 per MultiChoice Share
After the aforementioned trades are implemented, Canal+ will hold an aggregate of approximately
41,60% of the MultiChoice Shares in issue.
“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).”
Just weeks after revealing that Imtiaz Patel would remain as chairman to manage a potential deal with Groupe Canal+, MultiChoice Group has now announced Patel’s immediate departure from the position.
This decision arises amidst growing worries about corporate governance within the broadcasting company, currently under a takeover proposal by France’s Canal+.
In an unexpected turn of events, MultiChoice disclosed on April 2nd, after a board meeting ahead of the Easter weekend, that it was retracting an earlier statement regarding Patel’s planned resignation. The board had previously announced that Elias Masilela would assume the chairmanship starting April 1st.
“In view of the recent ruling by the Takeover Regulation Panel that required Canal+ to make an immediate mandatory offer to all MultiChoice shareholders…the MultiChoice board has reached an agreement with Imtiaz Patel to remain on as chair,” the company said at the time.
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