Connect with us

Hi, what are you looking for?

Broadcasting

Canal+, French Company Offers to Acquire Multichoice for $1.7Bn

MultiChoice

Canal+, a French company, has offered to acquire MultiChoice, South African pay-TV giant for around R31.7bn ($1.7bn).

In a statement issued by the Paris-based firm on Thursday, Canal+ announced that it submitted a non-binding indicative offer to MultiChoice’s board to acquire all of the issued ordinary shares it does not already own, subject to obtaining the necessary regulatory approvals.

In its last annual report, MultiChoice revealed that Canal+ owned 140,160,277 of its 442,512,678 issued shares.

Local reports said that over the past four years, Canal+ had steadily bought MultiChoice shares on the open market until it held over 30 per cent of the company.

Canal+ offered R105 per ordinary share, representing a premium of 40 per cent to MultiChoice’s closing share price of R75 on January 31. Buying out the remainder would cost Canal+ close to R31.75bn ($1.7bn).

Canal+ said that its acquisition would transform MultiChoice into a global-scale media company.

Maxime Saada, chairman and chief executive officer of Canal+, in the statement, said, “For MultiChoice to continue to thrive in Africa it will require a strategy that enhances its scale as well as strengthened local and global expertise.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

Tech

The maker of ChatGPT on Thursday unveiled its next leap into generative artificial intelligence with a tool that instantly makes short videos in response...

News

Federal Airports Authority of Nigeria, FAAN, has reopened the 3.9km 18R/36L runway at Murtala Muhammed International Airport, MMA, Lagos. The runway, closed in April...

Tech

Sophos announced Thursday that Kris Hagerman has stepped down as CEO of the cybersecurity giant after more than a decade, and a top executive...

News

Enugu State High Court sitting in Enugu, the state capital, has found a man, Okolie Chigozie Michael, 32, guilty of killing his son. He...