French media group Vivendi's Canal+ has raised its offer to buy all the shares of MultiChoice that it does not already own, the companies said on Tuesday.
Canal+, the biggest shareholder in MultiChoice, will offer R125 per share, valuing the pending shares at about R33.7bn, according to Reuters calculations, after its previous offer of R105 was rejected last month.
On Monday Canal+ said it would make a firm offer by no later than April 8 after the Takeover Regulations Panel said it should immediately announce one because its 35.01% shareholding in MultiChoice triggered a mandatory offer requirement.
MultiChoice, Africa's biggest pay-TV company, had said the R105 per share offer significantly undervalued the group.
Both companies said they intend to mutually co-operate and “MultiChoice will give customary exclusivity undertakings to Canal+”.
Once the mandatory offer is made, the independent board of MultiChoice will be constituted and will, after receipt of the independent expert's opinion, provide its opinion and recommendation on the offer, the companies said.
Reuters
Canal+ raises bid for MultiChoice
Image: 123RF/SERGEY RUSULOV
French media group Vivendi's Canal+ has raised its offer to buy all the shares of MultiChoice that it does not already own, the companies said on Tuesday.
Canal+, the biggest shareholder in MultiChoice, will offer R125 per share, valuing the pending shares at about R33.7bn, according to Reuters calculations, after its previous offer of R105 was rejected last month.
On Monday Canal+ said it would make a firm offer by no later than April 8 after the Takeover Regulations Panel said it should immediately announce one because its 35.01% shareholding in MultiChoice triggered a mandatory offer requirement.
MultiChoice, Africa's biggest pay-TV company, had said the R105 per share offer significantly undervalued the group.
Both companies said they intend to mutually co-operate and “MultiChoice will give customary exclusivity undertakings to Canal+”.
Once the mandatory offer is made, the independent board of MultiChoice will be constituted and will, after receipt of the independent expert's opinion, provide its opinion and recommendation on the offer, the companies said.
Reuters
READ MORE:
Canal+ required to make mandatory offer to MultiChoice, regulator rules
Canal+ hits bump in attempted buyout of MultiChoice
MultiChoice better off pursuing its strategy without Canal+
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