CANAL + SA made a non-binding intention to acquire remaining 68.24% stake in MultiChoice Group Limited (JSE:MCG) for ZAR 30.4 billion on February 1, 2024. The offer price per share is ZAR 105. As of February 2, 2024, Canal+ confirmed that following its purchase of shares of MultiChoice Group on the open market, Canal+ now owns 35.01% stake of MultiChoice Group issued ordinary shares.

CANAL + SA cancelled the acquisition of remaining 68.24% stake in MultiChoice Group Limited (JSE:MCG) on February 5, 2024. The transaction was cancelled because after careful consideration, the Board has concluded that the proposed offer price of ZAR 105 in cash significantly undervalues the Group and its future prospects. Morgan Stanley South Africa (Proprietary) Limited acted as a financial advisor to MultiChoice Group Limited. As of February 27, 2024, MultiChoice's Shareholders are advised that the Takeover Regulation Panel issued a ruling , to the effect that Canal+ has acquired 35.01% of the voting rights in MultiChoice and, accordingly, a mandatory offer in terms
of section 123 of the Act has been triggered. Canal+ is therefore required to make the mandatory offer immediately, in line with the requirements of the Act and the Regulations. The Takeover Regulation Panel issued a compliance notice against MultiChoice. This compliance notice is the subject matter of an appeal and a review instituted by MultiChoice to The Takeover Special Committee. MultiChoice had requested the Takeover Regulation Panel ("TRP") to make a ruling on whether or not a mandatory offer by Canal+ was required to be made to all holders of ordinary shares in the Company under section 123 of the Act.