French media giant Canal+, owned by Vivendi, is officially planning to increase its ownership stake in South African pay-TV company MultiChoice.
This move comes after a ruling by the South African Takeover Regulations Panel in February. The panel mandated Canal+ to clarify its intentions due to its existing 30% stake in MultiChoice exceeding the 35% threshold for mandatory disclosure.
Canal+ confirmed its commitment to complying with the ruling. They requested and received an extension to meet the deadline, which was granted for an additional 25 business days.
Previously, in February, Canal+ offered to acquire the remaining MultiChoice shares for 105 rand ($5.50) each, but the offer was deemed insufficient by MultiChoice.
MultiChoice acknowledged the latest development and reiterated that its board will act in the best interests of the company and its shareholders.
The announcement of Canal+ pursuing a larger stake in MultiChoice resulted in a 2.56% increase in MultiChoice's share price, according to Innovation Village.
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