Its offer of 105 rand (€5.06) per share was rejected by the board of MultiChoice on the grounds that it undervalued the group.
“The panel rules that Canal+ must take immediate action to comply with the requirements of the (Companies) Act and the regulations by making a mandatory offer to the remaining shareholders of MultiChoice,” the Takeover Regulations Panel (TRP) said in its ruling.
The TRP rejected Canal+’s argument that it was not required to make a mandatory offer as MultiChoice’s memorandum of incorporation restricts foreign companies from holding more than 20 per cent of the broadcaster’s voting rights.