Vivendi announced on Monday that its subsidiary Canal+ had filed a mandatory offer for the shares in South African MultiChoice that it does not already own, at a purchase price of 125 rand per share, payable in cash.

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.

Copyright (c) 2024 CercleFinance.com. All rights reserved.