French-based media giant Canal+ has again bought more shares in South African video entertainment group MultiChoice.
This, as the French broadcaster ups the ante in its desire to take over the Randburg-headquartered DStv owner.
In a statement today, Canal+ says:
- On Friday, 12 April, Canal+ acquired 1 824 696 MultiChoice shares in on/off market transactions for an average consideration of R117.50 per MultiChoice share.
- On Monday, 15 April, Canal+ acquired 810 391 MultiChoice shares in on/off market transactions for an average consideration of R115.99 per MultiChoice share.
- On Tuesday, 16 April, Canal+ acquired 1 013 312 MultiChoice shares in on/off market transactions for an average consideration of R115.95 per MultiChoice share.
- On Wednesday, 17 April, Canal+ acquired 5 093 MultiChoice shares in on/off market transactions for an average consideration of R116 per MultiChoice share.
After these trades are implemented, Canal+ will hold an aggregate of approximately 40.83% of the MultiChoice shares in issue.
“Canal+ confirms these acquisitions have already been disclosed to the Takeover Regulation Panel as required under the Companies Act No 71 of 2008 and Chapter 5 of the Companies Regulations, 2011,” says the French firm.
The latest transactions come after Canal+ last week bumped up its shareholding in MultiChoice to 40.01%.
Over the years, Canal+, which had a 35% shareholding in MultiChoice, has been buying the firm’s shares on the open market.
As the company kept increasing its stake, it then made the move to acquire all the shares in the pay-TV operator.
Canal+ and MultiChoice recently reached a co-operation agreement regarding the offer to buy out the video entertainment group.
The new development comes after Canal+ recently proposed a mandatory offer to acquire all the issued shares of MultiChoice Group not already owned by the group at a purchase price of R125 per share, payable in cash.
MultiChoice recently announced that outgoing chairman Imtiaz Patel would remain in his role until the completion of the ongoing Canal+ transaction.
It was previously announced that Patel would step down as the video entertainment group’s chairman with effect from 1 April.