New deadline for MultiChoice takeover bid
The Takeover Regulation Panel (TRP) has given Canal+ until 8 April 2024 to make a mandatory offer to acquire the rest of MultiChoice.
At the start of February, Canal+ offered to purchase the remainder of the entire issued share capital of MultiChoice that it did not already own.
Despite offering R105 per share in cash – a 40% premium of MultiChoice’s closing share price of R75 on 31 January 2024 – MultiChoice rejected the offer.
At the same time, Canal+ increased its shareholding in MultiChoice to over 35%.
As per the Companies Act of 2008 and JSE Listings Requirements, a mandatory offer must be made after the 35% threshold is breached.
MultiChoice thus approached the TRP to make a decision.
Despite being issued a compliance notice for the public manner in which it approached the TRP, MultiChoice still got its answer, in that Canal+ will have to make a mandatory offer.
In the latest development, the TRP has granted an extension to Canal+ of 25 business days, until 8 April 2024, to make the required mandatory offer.
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