MultiChoice rejects Canal+ offer
February 5, 2024
MultiChoice, the South African pay-TV broadcaster, has rejected a takeover bid from Canal+.
Canal+, the Vivendi-owned pay-TV provider, had tabled a non-binding purchase bid but MultiChoice indicated that it felt the value of its business was undervalued. With a market capitalisation of $2.15 billion, MultiChoice turned down the Canal+ offer.
In a statement given to the Johannesburg Stock Exchange, MultiChoice said: “After careful consideration, the Board has concluded that the proposed offer price of R105 in cash significantly undervalues the Group and its future prospects.”
MultiChoice added that its board had concluded that Canal+’s bid “does not provide a basis for further engagement” at the current price offered.
Canal already holds a 35 per cent a stake in MultiChoice.