Canal+ to forge ahead with fresh offer to purchase Multichoice
The French media company wants to buyout the remaining shares and complete a full takeover of Multichoice.
The MultiChoice offices in Randburg, Johannesburg. Picture: multichoice.co.za
Bruce Whitfied speaks to Mudiwa Gavaza| Writer at Business Day and Financial Mail.
Listen to the audio of the interview below.
Canal+ has made a firm intention to buy the remaining shares in Multichoice.
The French company is the biggest shareholder in MultiChoice, already owning a 35.01% share in Africa's largest pay-tv provider.
The MultiChoice Group is the leading entertainment company in Africa, and operates DStv in South Africa and in other parts of the continent.
Last month, South Africa’s Takeover Regulations Panel ruled that Canal+ had to make an offer to buy the remaining shares in MultiChoice that it does not already own.
This followed its parent company, Groupe Canal+ offer to buy the remaining shares, a deal rejected by Multichoice.
"There's a minimum bid that needs to be made based on the price at which they bought shares on the market in the previous six months before they made that offer."
- Mudiwa Gavaza, Writer - Business Day and Financial Mail
"R105 at this point feels like a floor price."
- Mudiwa Gavaza, Writer - Business Day and Financial Mail
"One would imagine that investors would be looking above R105 (per share). If Canal+ really wants to get the attention of other shareholders, they would have to bid above R105."
- Mudiwa Gavaza, Writer - Business Day and Financial Mail