Vivendi: Canal+ makes mandatory offer for MultiChoice
In a press release, the media and entertainment group expresses confidence in the success of the offer, the price of which far exceeds the regulatory minimum of around R105.
Canal+ points out that MultiChoice shareholders will benefit from a premium of 66.66% compared with the closing price of R75 on February 1, i.e. prior to the announcement of its non-binding indicative offer.
At that time, the French group announced its intention to bid 105 rand for each MultiChoice ordinary share.
Canal+ explains that its ambition is to build a world leader in entertainment, with Africa at the heart of its priorities.
The company, which has 8.1 million subscribers in Africa, was already the largest shareholder in MultiChoice, a pay-TV group with a strong presence in English- and Portuguese-speaking Africa.
Its offer is to be financed entirely by its own funds.
Canal+ has also undertaken to ensure that South African investors can benefit from the future growth of the combined company through a listing on the Johannesburg Stock Exchange.
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