Canal+ also recently increased its stake in the group to over 35% from 31.7%.
Canal+ has revised its bid price for the acquisition of MultiChoice, prompting the two pay-TV operators to enter into a mutual cooperation agreement. The French company has raised its offer from the previously rejected ZAR105 ($5.56) per ordinary share to ZAR125 ($6.62), as confirmed in a joint statement issued by both parties.
The decision to increase Canal+’s bid follows a directive from the local regulator, the Takeover Regulation Panel (TRP), which instructed the Vivendi-owned pay-TV operator to submit a mandatory offer for the remaining shares in MultiChoice. This mandate was triggered after Canal+ crossed the 35% threshold, necessitating such an offer.
Expressing respect for the regulatory decision, Canal+ has requested an extension to the deadline for submitting its offer, now slated for April 8. This extension was granted by the watchdog, allowing Canal+ additional time to finalise its proposal.
