CANAL + SA made a non-binding intention to acquire remaining 68.24% stake in MultiChoice Group Limited (JSE:MCG) for ZAR 36.2 billion on February 1, 2024. As on April 7, 2024, CANAL + SA have entered into cooperation agreement to acquire remaining 68.24% stake in MultiChoice Group Limited. The offer price per share is ZAR 105. As of March 4, 2024, Canal + SA has increased its offer price to ZAR 125. 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. As of 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 Offer Price will be fully funded from funds available to Canal+. The offer will be conditional on customary regulatory conditions for the transaction. The Offer Price will be fully funded from funds available to Canal+, In accordance with Regulation the TRP has been furnished with a bank guarantee issued by JPMorgan Chase Bank, N.A., Johannesburg Branch. Under the bank guarantee, JPMorgan Chase Bank, N.A., Johannesburg Branch has agreed to pay up to a maximum amount equal to ZAR 35.372 billion. Implementation of the Offer will be subject to the fulfilment of Offer Conditions i.e., the Financial Surveillance Department of the South African Reserve Bank grants such approvals with respect to the Offer as are required in terms of the the Exchange Control, the Competition Tribunal of South Africa, the JSE grants such approvals as are required to implement the Offer, the TRP grants such approvals and exemptions as are required to implement the Offer, the approvals required by law of each relevant governmental authority and each other relevant merger control or competition law authority, as may be agreed by Canal+ and 7 MultiChoice, are obtained either unconditionally, or subject to conditions acceptable to Canal+, The Offer Conditions referred cannot be waived by either Canal+ or MultiChoice. As of April 11, 2024, the offer now falls under the consideration of MultiChoice?s independent board formed specifically for this deal. An interesting wrinkle in the offer is that Canal+ reserves the right to purchase additional MultiChoiceshares in the market during the offer period. If these additional shares are acquired at a price exceeding 125 rand, they must raise their offer price for all shares. The Long Stop Date shall be April 8, 2025. As on April 12, 2024, Canal+ SA (?Canal+?) has acquired an additional interest in the ordinary shares of the Company, such that the total interest in the ordinary shares of the Company held by Canal+ now amounts to 40.01% of the Company?s total ordinary shares in issue. As of April 17, 2024, CANAL + SA acquired further 3,653,492 MultiChoice Shares in on/market transactions.

Webber Wentzel and Charles Smith, Peter Bradshaw, Johannes Gouws, Marita van der Walt, Mark Chivers and Livia Dyer of DLA Piper, Herbert Smith Freehills and Werksmans acted as legal advisors to MultiChoice, Citigroup Global Markets Limited and Morgan Stanley & Co International plc acted as Joint Financial Advisors, The Standard Bank of South Africa Limited acted as Independent Expert to the MultiChoice Independent Board, FTI Consulting acted as Strategic Communications Advisors, Bowmans, Bryan Cave Leighton Paisner LLP, BofA Securities and J.P. Morgan, Brunswick Group acted as advisors to Canal+.