{"id":757135,"date":"2024-03-04T10:23:15","date_gmt":"2024-03-04T08:23:15","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=757135"},"modified":"2024-03-04T10:23:20","modified_gmt":"2024-03-04T08:23:20","slug":"new-deadline-for-multichoice-takeover-bid","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/media\/757135\/new-deadline-for-multichoice-takeover-bid\/","title":{"rendered":"New deadline for MultiChoice takeover bid"},"content":{"rendered":"\n<p>The Takeover Regulation Panel (TRP) has given Canal+ until 8 April 2024 to make a mandatory offer to acquire the rest of MultiChoice. <\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>Despite offering R105 per share in cash &#8211; a 40% premium of MultiChoice\u2019s closing share price of R75 on 31 January 2024 &#8211; MultiChoice rejected the offer. <\/p>\n\n\n\n<p>At the same time, Canal+ increased its shareholding in MultiChoice to over 35%. <\/p>\n\n\n\n<p>As per the Companies Act of 2008 and JSE Listings Requirements, a mandatory offer must be made after the 35% threshold is breached. <\/p>\n\n\n\n<p>MultiChoice thus approached the TRP to make a decision. <\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/government\/757039\/massive-wage-hike-demands-from-government-workers\/\" target=\"_blank\" rel=\"noreferrer noopener\">Massive wage hike demands from government workers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canal+ will have a few extra weeks to ready its offer to buy the remaining issued share capital in MultiChoice that it does not already own. <\/p>\n","protected":false},"author":95,"featured_media":747504,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5554],"tags":[6633,26,1253],"class_list":["post-757135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media","tag-canal","tag-headline","tag-multichoice"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/757135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=757135"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/757135\/revisions"}],"predecessor-version":[{"id":757153,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/757135\/revisions\/757153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/747504"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=757135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=757135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=757135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}