It acquired the shares between 8 and 10 May 2024, paying between R119.44 and R119.68.
“Canal+ confirms that these acquisitions have already been disclosed to the Takeover Regulation Panel (TRP) as required under the Companies Act and [the Takeover Regulations],” it said.
“After the aforementioned trades are implemented, Canal+ will hold an aggregate of approximately 45.20% of the MultiChoice Shares in issue.”
“Save as may be prohibited under the Companies Act and the Takeover Regulations, Canal+ may acquire further MultiChoice Shares after the date of this announcement whilst the Offer remains open,” it added.
Canal+ has gradually increased its shareholding in MultiChoice since April 2024, after its creeping takeover of the DStv parent began in October 2020.
The French media giant last notified the market on Wednesday, 8 May 2024, that it had increased its MultiChoice stake to around 43.54%.
It has been notifying the market of its MultiChoice stock purchases through the Takeover Regulation Panel each week since the companies revealed that it broke through the 40% ownership mark.
“Some shareholders have asked whether Canal+ might cross the 50% shareholding in this way,” MultiChoice said in a media statement following the disclosure.
“We do not envisage this happening as exceeding 50% ownership would amount to a merger under the Competition Act, which would require prior approval from the Competition Tribunal.”
MultiChoice previously explained that Canal+ would be forced to increase its offer price if it were to buy shares for more than R125 each.
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