Canal+ and MultiChoice have announced a significant development regarding the proposed mandatory offer by Canal+ to acquire all ordinary shares of MultiChoice not already owned by the French media giant. This follows an initial joint announcement made on April 8, 2024, and a subsequent circular issued on June 4, 2024, which detailed the terms of the offer. Canal+ is offering ZAR125.00 per share, payable in cash, to MultiChoice shareholders for all shares excluding treasury shares.
As of September 30, 2024, Canal+ and MultiChoice have jointly submitted a merger control filing to South Africa’s Competition Commission, as required by the Competition Act. This filing marks an important step in the regulatory approval process, classifying the transaction as a “large merger,” which necessitates further evaluation and approval by the Competition Tribunal.
In addition to the Competition Commission, the two companies are also engaging with the Independent Communications Authority of South Africa (ICASA) and other relevant regulatory bodies to ensure compliance with all necessary legal requirements.
Canal+ and MultiChoice have assured shareholders that they will continue to provide updates as the regulatory processes advance. The outcome of these proceedings will determine the future ownership structure of MultiChoice and the potential consolidation of the two media entities.
