SOUTH Africa's MultiChoice Group said it will not continue talks with Vivendi's Canal Plus after the board concluded that its offer significantly undervalues the company. Canal Plus, a top shareholder in MultiChoice, had on Thursday offered 105 rand ($5.55) per share for every MultiChoice share it does not already own. Canal Plus said the offer - worth 31.7 billion rands according to Reuters calculations - was a 40% premium to MultiChoice's closing share price of 75 rands on January 31. MultiChoice said in a statement that a recently conducted exercise valued the group significantly above the offer price, excluding any potential synergies which may…