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Vivendi’s Canal+ makes mandatory buyout offer for South Africa’s MultiChoice

Vivendi’s Canal+ makes mandatory buyout offer for South Africa’s MultiChoice

FRENCH media group Vivendi's Canal+ made an all-cash mandatory offer to buy all the shares of South African broadcaster MultiChoice it does not already own for 35 billion rands ($1.9 billion), both companies said. That offer at 125 rands per share follows an indicative offer of 105 rands made by Canal+ on Feb. 1, which MultiChoice rejected as significantly undervaluing the company. The need to make a mandatory offer was triggered by Canal+, MultiChoice's biggest shareholder, subsequently raising its holding in the firm above the 35% threshold. Its new offer values MultiChoice, in which it now owns a 36.6% stake, at about 55 billion rand, according…
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Canal+ raises buyout offer for South Africa’s MultiChoice

Canal+ raises buyout offer for South Africa’s MultiChoice

FRENCH media group Vivendi's Canal+ has raised its offer to buy all the shares of South Africa's MultiChoice that it does not already own, the companies said. Canal+, the biggest shareholder in MultiChoice, will offer 125 rand per share, valuing the pending shares at about 33.7 billion rand ($1.77 billion) according to Reuters calculations, after its previous offer of 105 rand was rejected last month. Maxime Saada, chairman and CEO of Canal+, told Reuters on Tuesday that the French company had engaged with the board of Africa's biggest pay-TV company to determine a reasonable price that would lead them to resume talks. "It was clear that…
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