Canal+, which currently holds more than 40% of Multichoice's capital, made a mandatory offer in early April to acquire all the shares it did not already own at a purchase price of ZAR 125 per share. The Independent
Expert, appointed by MultiChoice's Independent Board for this purpose, has just ruled that the CANAL+ Group's offer was fair and reasonable. The Independent Board has therefore recommended the offer to MultiChoice shareholders.
The CANAL+ Group announces that it will continue to work constructively with the MultiChoice Group to "evaluate and finalize the potential structure for the licensed activities that would ensure compliance with applicable foreign control limitations, while maintaining the same levels of B-B BEE (Broad-Based Black Economic Empowerment) standards (the set of regulations applicable in South Africa aimed at reducing inequalities for the benefit of historically disadvantaged groups of the South African population)."
As Maxime Saada, Chairman of the CANAL+ Group Executive Board, points out, "By combining the size, complementary geographies, and content portfolios of our two companies, we will create a media group with a presence on three continents and strong local roots. Our goal is to create a local champion that can compete and collaborate with global media giants. This new entity, dedicated to powerful local stories and captivating sports, would help support creative and local ecosystems and ensure their long-term success."