Last month, Canal tabled a $2.71bn bid for MultiChoice and its DStv and Supersport brands.
Canal+ has announced its intention to proceed with a mandatory offer for the shares in MultiChoice that it does not already own. However, the company has secured an extension to the deadline for this from the country’s antitrust watchdog.
According to Canal+, the South African regulator, the Takeover Regulation Panel (TRP), has granted an extension until April 8 for Canal+ to make a firm announcement regarding the offer.
“Canal+ respects the decision taken by the Panel, and will comply with it. On this basis, Canal+ confirms that it has applied for and received from the Panel an exemption from adhering to the timing requirements in Regulation 101(3)(b) of the Companies Regulations, 2011 (the ‘Regulations’), which requires that a firm intention announcement be made immediately when a mandatory offer is required to be made in terms of Section 122(1) read with Section 123 of the Companies Act No. 71 of 2008,” the company stated.
The French pay-TV operator further confirmed that it would publish a firm intention announcement no later than April 8.
In response, MultiChoice noted the announcement and affirmed that its board would “continue to act in the best interests of the Company and its shareholders”.
The TRP ruled last week that Canal+ would have to make a mandatory offer, triggered by its ownership exceeding the 35% threshold.
This ruling followed Canal+’s increase in its equity stake in MultiChoice to 35.01%.
Canal+ had previously made an offer to take over MultiChoice, which was rejected by the operator’s board on the grounds of undervaluation.
