Canal+ ups stake in MultiChoice again

Source: MultiChoice

Canal+ has once again increased its stake in MultiChoice.

The French pay TV operator has now upped its holding in the South African pay TV company to 45.2% of its ordinary shares.

Canal+ last upped its holding on May 8, in that case raising its stake to 43.54%.

In mid-April, Canal+ acquired additional shares in MultiChoice, taking its stake in the South African pay TV operator to just over 40%.

That move followed the pair’s announcement on April 8 that they had agreed the outline of a deal whereby Canal+ could bid to take full control of MultiChoice.

Canal+ subsequently increased its stake in the South African company again, though this time just edging upwards from 40.01% to 40.83%.

The latest share purchases follow the South African Takeover Regulation Panel (TRP) granting the pair an extension to the period they have to finalise an agreement to be put to shareholders.

On April 8, the French pay TV operator and the South African service provider agreed to post a ‘combined circular’ to shareholders by May 7, some 20 business days later. This would have marked the point at which Canal+’s offer was open to shareholders to accept.

However, the two companies secured an extension until June 4.

In the meantime, Canal+ has continued to build its position in MultiChoice by acquiring shares on the market, as is permitted by the pair’s agreement.