French entertainment group Canal+ will make an announcement about its intentions towards Multichoice before 8 April 2024.
This follows a series of events beginning with an acquisition offer to Multichoice – that was rejected – and then the French group’s purchase of more than 30,5% of Multichoice shares.
These actions triggered a ruling from the Takeover Control Panel that Canal+ is required to state its intentions and make a mandatory offer to shareholders immediately.
“Canal+ respects the decision taken by the panel, and will comply with it,” the group says in a SENS notice today.
However, Canal+ has applied for and received from the panel an exemption from adhering to the timing requirements, which requires that a firm intention announcement be made immediately when a mandatory offer is required to be made.
The panel has extended the time period by 25 business, so Canal+ must publish a firm intention announcement by no later than
Monday, 8 April 2024.
– MultiChoice had received formal notification, in terms of section 122(1) of the Act, that French
media company Groupe Canal+ SA (“Canal+”) had acquired an additional interest in the
ordinary shares of the Company, such that the total interest in the ordinary shares of the
Company held by Canal+ at the time of release of the announcement amounted to 35.01% of
the Company’s total ordinary shares in issue.
– MultiChoice had requested the Takeover Regulation Panel (“TRP”) to make a ruling on
whether or not a mandatory offer by Canal+ was required to be made to all holders of ordinary
shares in the Company under section 123 of the Act.
The TRP contended that the publication of, inter alia, the announcement without the approval of the
TRP was unlawful, being in contravention of the Act and the Regulations, and issued a compliance
notice against MultiChoice. This compliance notice is the subject matter of an appeal and a review
instituted by MultiChoice to The Takeover Special Committee.
Shareholders are advised that the TRP issued a ruling on 27 February 2024, to the effect that Canal+
has acquired 35.01% of the voting rights in MultiChoice and, accordingly, a mandatory offer in terms
of section 123 of the Act has been triggered. Canal+ is therefore required to make the mandatory offer
immediately, in line with the requirements of the Act and the Regulations.
The TRP has requested that the Company makes a copy of the full ruling available to shareholders.
Shareholders can access the ruling on the Company’s website at