Broadcast Media Africa has learnt that MultiChoice, a pan-African digital satellite broadcasting company, has decided to extend Imtiaz Patel’s term as chair until the ongoing Canal+ transaction is finalized.
The company believes that continuity is crucial at this time and has reached an agreement with Mr Patel to stay on until the transaction is completed or until an earlier date based on the transaction’s progress.
This decision comes after the Takeover Regulation Panel’s ruling that required Groupe Canal+ SA (Canal+) to make an immediate mandatory offer to all MultiChoice shareholders and the cautionary SENS notice issued on 5 March 2024. Canal+, a French media group, submitted a non-binding bid in February to acquire all MultiChoice’s issued ordinary shares that it did not already own, subject to regulatory approval.
Despite Canal+’s offer, MultiChoice rejected it, claiming it undervalued the company, and asked the French firm to improve its offer. Following the TRP’s order, Canal+ raised its offer price per MultiChoice ordinary share. Both companies have expressed their intention to cooperate in this regard.
Moreover, MultiChoice announced that Elias Masilela, a long-standing independent member of the board, will become the deputy chair of the MultiChoice board effective 1 April 2024, replacing Mr. Patel. Additionally, Mr. Masilela will take on the role of lead independent director. Jim Volkwyn, who currently holds the position, will step down as lead independent director but remain a non-executive director.
