France’s Groupe Canal+ has continued snapping up shares of South Africa’s MultiChoice Group as the 4 June deadline nears for publishing a joint circular about the former’s mandatory offer to acquire the JSE-listed parent of DStv and Showmax.
Canal+ recently announced that it has acquired 45.2% of MultiChoice’s equity through both on-market and off-market transactions. Canal+ acquired 7.4 million more shares in the latest buying round between 8 May and 10 May. It said it may continue with the buying spree while the offer to MultiChoice shareholders remains open.
On 8 April, MultiChoice and Canal+ unveiled a ‘promising’ cooperation agreement’. Both broadcasting giants are unwavering in their commitment to this agreement, which is designed to foster mutual benefits by ensuring cooperation regarding the offer, including fulfilling the offer conditions and publishing a combined offer circular.
MultiChoice has established an independent board as a crucial part of the acquisition process and in strict adherence to legal requirements. This board is entrusted with the responsibility of expressing a view on the fairness and reasonableness of the Canal+ offer, thereby ensuring transparency and fairness in the process.
