MultiChoice has disclosed that French pay-television giant Groupe Canal+ has continued buying its shares and now holds12 percent of the ordinary shares in issue. MultiChoice disclosed on 05 October that Canal+, which is owned by French media conglomerate Vivendi, had acquired 6.5 percent of its equity.
Groupe Canal+ has been expanding into Africa in recent years, including the acquisition of Nigerian production company ROK Studios. Vivendi previously tried to acquire MultiChoice Africa, but the multi-million dollar offer was rejected.
MultiChoice operates four platforms, namely DStv, GOtv, Showmax, and DStv Now. It has approximately 14 million subscribers in 50 countries, with a particularly dominant position in South Africa.
MultiChoice said as a public company it regularly engages with its strategic partners and maintains an open dialogue with the investment community. The group's policy is, it said, not to comment on its individual shareholders nor on its interactions with them. The company said it remains committed to acting in the best interests of all shareholders and to create sustainable long-term shareholder value.
MultiChoice added that it has filed the required notice with the Takeover Regulation Panel. The Takeover Regulation Panel, which reports to the Minister of Trade and Industry, oversees the country’s takeover regulations. Its mandate is to regulate mergers and acquisitions and to protect minority shareholders by ensuring that during transactions such shareholders will have access to important information.
