Canal+ Proposes $1.7 Billion Acquisition of Remaining MultiChoice Group Shares

Canal Plus offers $1.7B for full ownership of MultiChoice, aiming to dominate the competitive pay TV sector.

In a strategic move to solidify its position in the fiercely competitive global pay TV market, Vivendi’s Canal Plus has reportedly presented an offer to acquire all outstanding shares of South Africa’s MultiChoice Group (MCGJ.J) for approximately $1.7 billion.

Canal Plus, already the leading stakeholder in MultiChoice with a 31.67% ownership, reportedly disclosed its intention to pay 105 rand per share in cash, reflecting a substantial 40% premium over MultiChoice’s closing share price on the preceding Wednesday. While MultiChoice shares experienced a notable surge in Thursday’s trading, reaching a 24.83% increase, they still fell short of the offered price, settling at 93 rand.

Source: https://www.reuters.com/markets/deals/vivendis-canal-submits-offer-acquire-south-africas-multichoice-2024-02-01/

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