(AFP / LIONEL BONAVENTURE)
The Canal+ group, the largest shareholder of the South African television juggernaut MultiChoice at 30%, has raised its offer to acquire the entire capital of the operator, one month after the rejection of its first proposal, announced the two groups on Tuesday.
Canal+ raised its offer to 125 rand (6.04 euros) per share, paid in cash, compared to 105 rand (5.07 euros) previously, the two groups said in a joint press release. This new proposal values MultiChoice at nearly 2.7 billion euros.
“MultiChoice will grant the usual exclusivity commitments to Canal+,” the press release specifies. “Once the mandatory offer has been made, the independent advisor of MultiChoice will be constituted and, after receiving the opinion of the independent expert, will provide its opinion and recommendation” on this transaction.
In February, MultiChoice, listed on the Johannesburg Stock Exchange, rejected Canal+’s offer, judging that it “considerably undervalued the group and its future prospects”, without completely closing the door to the subsidiary of the Vivendi group. , led by billionaire Vincent Bolloré.
Canal+ is present in Africa in 25 countries through 16 subsidiaries and has 8 million subscribers, according to data from the French group.
Its position as the largest shareholder of the South African giant has allowed it to gain a foothold in English-speaking and Portuguese-speaking Africa, where MultiChoice has 23.5 million subscribers in more than 50 countries.
“Canal+ is actively preparing its stock market listing following the announcement of the proposed split of its parent company Vivendi” into four listed entities, structured around Canal+, Havas, a company including its majority stake in Lagardère and an investment company, recalled the group in February.
“This project would allow investors to benefit from the merger of Canal+ and MultiChoice, the ultimate objective of the Canal+ group being to also obtain a listing in South Africa,” he added.
Last week, Canal+ also increased its stake in the capital of Viu, a Hong Kong streaming operator, to 30%, after having already acquired 26.1% in June.