Canal+ required to make mandatory offer to MultiChoice, regulator rules

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