France’s Groupe Canal+ has continued snapping up shares of MultiChoice Group as a 4 June deadline nears to publish a joint circular about the former’s mandatory offer to acquire the JSE-listed parent of DStv and Showmax.
Canal+ said on Tuesday that it has now acquired 45.2% of MultiChoice’s equity through both on-market and off-market transactions. In the latest round of buying, Canal+ acquired a further 7.4 million shares between 8 May and 10 May. It said it may continue with the buying spree while the offer to MultiChoice shareholders remains open.
On 8 April, MultiChoice and Canal+ said they had entered into a “cooperation agreement” in terms of which the two broadcasting giants would use “reasonable endeavours to cooperate in relation to the offer, including in relation to the fulfilment of the offer conditions and the publication of a combined offer circular”.
As part of the process, and as required in law, MultiChoice has constituted an independent board to express a view on the fairness and reasonableness of the Canal+ offer. – © 2024 NewsCentral Media