MultiChoice, Canal+ enter into agreement

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MultiChoice and Canal+ have entered into an agreement. It’s on Canal+’s offer to buy additional shares in Multichoice.

The two companies have announced that MultiChoice has granted Canal+ certain exclusivity undertakings.

They say further details regarding the cooperation MultiChoice offering the French company shares at R125 each. It is payable in cash, which is significantly above the minimum price of approximately R105 that the Takeover Regulations require.

In the Stock Exchange News Services (SENS) announcement, Canal+ and MultiChoice say they intend on posting the combined circular to MultiChoice shareholders by 7 May 2024, which is 20 business days from the date of the announcement and that the offer will open on the day after the date of which the circular is posted and the offer is accepted.

Multichoice has constituted its independent board, which has appointed the Standard Bank of South Africa Limited as an independent expert to express a view on the fairness and reasonableness of the terms of the offer.