Canal+ $2.9bn buyout offer fair, reasonable — MultiChoice

3 months ago 6

By Oluyemi Ogunseyin

04 June 2024 | 4:34 p.m.

South Africa’s cablegram Television company, MultiChoice, connected Tuesday, said it considers the $2.9 cardinal buyout connection made by French TV channel, Canal+ Group, to beryllium “fair and reasonable”. According to Reuters, this was revealed by an autarkic committee acceptable up by the South African institution connected the deal. Canal+, a apical shareholder successful MultiChoice with…

According to Reuters, this was revealed by an autarkic committee acceptable up by the South African institution connected the deal.

Canal+, a apical shareholder successful MultiChoice with a 45.2 per cent stake, had connected February 2, 2024 reportedly made a connection to bargain the remaining shares astatine the South African steadfast astatine $1.69 billion.

The South African company, however, turned down the connection but Canal+ returned successful April to summation the connection to instrumentality implicit MultiChoice to $2.9 billion.

“Canal+ made a steadfast connection of 125 rands successful currency per MultiChoice share, oregon astir 35 cardinal rands ($1.88 billion), which valued the institution astatine astir 55 cardinal rands,” the study read.

“While the connection is expected to adjacent by April 2025, determination are 2 large hurdles to the woody adjacent if MultiChoice shareholders ballot successful favour.

“One is the information that the woody volition person to beryllium approved by the country’s antitrust regulator, the contention commission, which volition besides origin successful the “public interest” of specified a deal.

“Secondly, a perchance larger hurdle is South Africa’s physics communications Act, which prohibits overseas entities from holding much than 20 percent of the voting rights of a section broadcasting rights holder.”

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