France’s Groupe Canal+ has continued to buy shares in acquisition target MultiChoice Group.
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MultiChoice has announced Imtiaz Patel’s exit as chairman, just weeks after saying he would stay on in the role.
Groupe Canal+ has disclosed that it has bought even more shares in MultiChoice Group in recent days.
French broadcaster Canal+ has bought up another big chunk of shares in acquisition target MultiChoice Group.
MultiChoice has agreed to work closely with Canal+ on a mandatory offer the latter must make to the former’s shareholders.
The two companies believe scale, shared experience and a large war chest will help see off the threat from US streamers.
MultiChoice has rescinded a previous announcement that Imtiaz Patel would step down as its chairman with effect from 1 April.
Patrice Motsepe is in talks with Canal+ to join the multibillion-dollar bid for MultiChoice Group, sources have said.
Groupe Canal+ has raised its offer to buy all the shares of MultiChoice, with the parties agreeing to exclusive talks.
Canal+ has been given an extra 25 days to make a mandatory offer to shareholders of MultiChoice Group.