South Africa's takeover panel has ruled that French media company Groupe Canal+ SA is required to immediately make a mandatory offer to buy shares of pay TV company MultiChoice that it does not already own, MultiChoice said on Wednesday.
Canal Plus, a top shareholder in MultiChoice that had a 31.67% stake when it proposed the offer, raised its stake to 35.01% after the deal's announcement earlier this month, just above the threshold that would require the company to make a mandatory offer to shareholders.
Reuters
Canal+ required to make mandatory offer to MultiChoice, regulator rules
Image: REUTERS/Esa Alexander
South Africa's takeover panel has ruled that French media company Groupe Canal+ SA is required to immediately make a mandatory offer to buy shares of pay TV company MultiChoice that it does not already own, MultiChoice said on Wednesday.
Canal Plus, a top shareholder in MultiChoice that had a 31.67% stake when it proposed the offer, raised its stake to 35.01% after the deal's announcement earlier this month, just above the threshold that would require the company to make a mandatory offer to shareholders.
Reuters
READ MORE:
Canal+ hits bump in attempted buyout of MultiChoice
MultiChoice better off pursuing its strategy without Canal+
MultiChoice ends deal talks with Vivendi's Canal Plus
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most read
Latest Videos