France’s Groupe Canal+ has continued to buy shares in acquisition target MultiChoice Group, with its stake now at 42.47%, according to the latest regulatory filing on Thursday (2 May 2024).

Canal+, which is working with MultiChoice on a mandatory offer to shareholders, disclosed on Thursday that it has continued snapping up the shares in the JSE-listed broadcaster and parent of brands such as DStv, Showmax and SuperSport.

In its latest disclosure, Canal+ revealed it bought a further 3.87 million MultiChoice shares between 25 April and 30 April.

“Canal+ confirms that these acquisitions have already been disclosed to the Takeover Regulation Panel as required under the Companies Act … and the takeover regulations,” the French firm said.

“Save as may be prohibited under the Companies Act and the takeover regulations, Canal+ may acquire further MultiChoice shares after the date of this announcement while the offer remains open.”

On 8 April, MultiChoice and Canal+ said they had entered into a “cooperation agreement” in terms of which the two broadcasting giants would use “reasonable endeavours to cooperate in relation to the offer, including in relation to the fulfilment of the offer conditions and the publication of a combined offer circular”.

Circular

As part of the process, and as required in law, MultiChoice has constituted an independent board to express a view on the fairness and reasonableness of the Canal+ offer.

If the deal hasn’t been consummated by 8 April 2025 – including securing the necessary regulatory approvals, which could still prove to be the biggest stumbling block to a transaction – then it could be terminated. This “long-stop date” can, however, be extended, with the concurrence of the Takeover Regulation Panel, a financial regulator that is overseeing the mandatory offer.