French media giant, Canal+, owned by Vivendi, announced plans to officially propose buying more shares in South African pay-TV company MultiChoice.
This follows a South African Takeover Regulations Panel ruling in February, requiring Canal+ to declare its intentions due to its increased stake exceeding 35%.
Canal+ confirmed its intention to comply with the Panel’s ruling. They requested and received an extension, granting them more time to meet the deadline, which was extended by 25 business days.
Last month, the media firm offered 105 rand ($5.50) per share for remaining MultiChoice shares, but the offer was rejected as MultiChoice considered it too low.
MultiChoice acknowledged the latest development and assured its board will act in the best interests of the company and its shareholders.
“Shares in MultiChoice, which owns DStv and Showmax, rose by 2.56% at the time of the announcement,” Innovation Village reported.