MultiChoice and Canal+ have discussed plans to delist MultiChoice, what happens to shareholders who don’t sell, and how to handle foreign ownership restrictions.
MultiChoice and French media giant Groupe Canal+ have released a joint circular detailing plans and dates for the proposed buyout of the DStv operator at R125 per share.
The buyout will cost Canal+ over R30 billion in cash, and the company has continued buying MultiChoice shares while its offer is being considered.Tuesday’s circular shows Canal+ has not bought any additional shares since 10 May 2024. Its average buy price for the past six months has been just over R100 per share.
Have a financial interest or an interest either in voting shares or paid-up capital in a commercial broadcasting licensee exceeding 20%. The latter includes a potential limit on MultiChoice’s voting rights over the licensed entities in the MultiChoice Group.Regarding shareholders who do not accept the offer, the companies said they will remain invested provided Canal+’s shareholding remains below 90%.
“MultiChoice shareholders are reminded that Vivendi SE, the parent company of Canal+, is currently undertaking a feasibility study for the proposed split of the company into several separately listed entities,” the circular stated.
Electronic Communications Act (ECA) Groupe Canal+ Headline Multichoice Takeover Regulation Panel (TRP) Vivendi Broadcasting
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