{"id":757329,"date":"2024-03-05T06:55:00","date_gmt":"2024-03-05T04:55:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=757329"},"modified":"2024-03-08T13:16:00","modified_gmt":"2024-03-08T11:16:00","slug":"canal-makes-new-and-improved-offer-for-multichoice","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/media\/757329\/canal-makes-new-and-improved-offer-for-multichoice\/","title":{"rendered":"Canal+ makes new and improved offer for MultiChoice"},"content":{"rendered":"\n<p>Canal+ has upped its offer to buy the remaining MultiChoice shares it does not own. <\/p>\n\n\n\n<p>Last month, Canal+ offered to purchase the remainder of the entire issued share capital of MultiChoice that it did not already own, offering MultiChoice R105 per share in cash &#8211; a 40% premium on MultiChoice\u2019s closing share price of R75 on 31 January 2024<\/p>\n\n\n\n<p>MultiChoice rejected the offer, but Canal+ increased its shareholding to over 35%. <\/p>\n\n\n\n<p>The Companies Act of 2008 states that a mandatory offer must be made after the 35% threshold is breached.<\/p>\n\n\n\n<p>Despite slapping MultiChouce with a compliance notice for the public manner in which it approached, the Takeover Regulation Panel (TRP) said that Canal+ would have to make a mandatory offer.<\/p>\n\n\n\n<p>The TRP gave Canal+ an extension\u00a0until 8 April 2024 to make a mandatory offer to acquire the rest of MultiChoice, but the French broadcaster has come up with an improved offer. <\/p>\n\n\n\n<p>While the minimum price for the Mandatory offer in terms of regulations is R105 per ordinary share, <strong>Canal+ has agreed to increase the price to R125 per ordinary share. <\/strong><\/p>\n\n\n\n<p>&#8220;MultiChoice and Canal+ intend to mutually cooperate in this regard. Accordingly, MultiChoice will give customary exclusivity undertakings to Canal+,&#8221; said the groups in a joint statement. <\/p>\n\n\n\n<p>&#8220;Once the Mandatory Offer is made, the Independent Board of MultiChoice will be constituted and will, after receipt of the Independent Expert&#8217;s opinion, provide its opinion and recommendation on the Mandatory Offer in accordance with Regulation 110 of the Takeover Regulations.&#8221; <\/p>\n\n\n\n<p>MultiChoice shares closed at R109 per share yesterday, 4 March. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-8.png\"><img loading=\"lazy\" decoding=\"async\" width=\"756\" height=\"435\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-8.png\" alt=\"\" class=\"wp-image-757333\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-8.png 756w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/image-8-300x173.png 300w\" sizes=\"auto, (max-width: 756px) 100vw, 756px\" \/><\/a><\/figure><\/div>\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\/wealth\/757213\/south-africans-are-poorer-than-they-were-in-2006\/\" target=\"_blank\" rel=\"noreferrer noopener\">South Africans are poorer than they were in 2006<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>French broadcaster Canal+ has upped its offer to buy the rest of the DStv and Showmax owner.<\/p>\n","protected":false},"author":95,"featured_media":708316,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5554],"tags":[6633,26,1253],"class_list":["post-757329","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\/757329","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=757329"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/757329\/revisions"}],"predecessor-version":[{"id":758777,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/757329\/revisions\/758777"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/708316"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=757329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=757329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=757329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}