MultiChoice and Canal+ have given details of the next steps in Canal’s mandatory takeover of the South African pay-TV company.
In a Combined Circular setting out the terms and conditions of the offer, it is confirmed Canal will acquire all the issued ordinary shares in MultiChoice it doesn’t already own, excluding treasury shares, from MultiChoice Shareholders for ZAR125.00 per share, payable in cash.
Canal+ and MultiChoice have now made a joint merger control filing to Competition Commission and are also engaging with the Independent Communications Authority of South Africa (ICASA) and other regulatory authorities.
Under the South Africa competition law, the transaction is classified as a ‘larger merger’, which requires approval by the Competition Tribunal.
MultiChoice officially accepted the offer from the Vivendi unit in June.
The combined company will have a presence in both the French and English-speaking markets. While Canal naturally has a hold over French-speaking African nations, MultiChoice has a stronger presence in English-speaking countries, including South Africa, Nigeria and Kenya.
