Patel will continue to advise MultiChoice on a consultancy basis.
MultiChoice has revealed that the proposed takeover by Canal+ has advanced to the next phase, prompting the departure of chair Imtiaz Patel and the appointment of Elias Masilela as his successor.
Initially slated to step down on March 31, Patel extended his tenure to oversee negotiations with Canal+. However, with significant progress achieved, Patel will now depart, allowing Masilela to assume the chairmanship.
The cooperation agreement between MultiChoice and Canal+ on April 7, along with a firm intention announcement the following day, led to the constitution of an independent board to ensure compliance with regulatory requirements. As a result, Patel’s continued presence is no longer necessary.
Under the terms agreed upon in April, Canal+ proposed to acquire 100% control of MultiChoice, offering shareholders ZAR125 per ordinary share, well above the regulatory minimum of ZAR105. If Canal+ secures 90% of MultiChoice shares during the offer period, it gains the right to acquire any remaining shares and delist MultiChoice.
Patel will transition into a consultancy role, providing ongoing guidance to MultiChoice as the Canal+ transaction progresses.
