Business
Update on MultiChoice Mandatory Tender Offer
Update on MultiChoice Mandatory Tender Offer.
About this update from Canal+ Sa
[{"type":"text","content":"\n\n \nCANAL+ SA\nSOUTH AFRICAN COMPETITION TRIBUNAL APPROVES CANAL+ MANDATORY TAKEOVER OFFER FOR MULTICHOICE GROUP\n \nIssy-les-Moulineaux, 23 July 2025\n \nCANAL+ SA (LSE: CAN, the \"Company\") announces that it, together with MultiChoice Group Limited (\"MultiChoice\"), has today released a joint announcement on the Stock Exchange News Service, being the regulatory news service provided by the Johannesburg Stock Exchange (\"JSE\"), the JSE being the exchange on which MultiChoice is listed.\n \nThe joint announcement provided as follows: \nINTRODUCTION\nThe shareholders of Canal+ and MultiChoice are referred to:\n· the combined circular published by Canal+ and MultiChoice Group (\"MCG\") dated 4 June 2024 (\"Combined Circular\") setting out the terms and conditions of the mandatory offer by Canal+ to acquire all the issued ordinary shares of MCG not already owned by Canal+, excluding treasury shares, from MCG Shareholders for a consideration of ZAR125.00 per share, payable in cash (\"the Proposed Transaction\"); and \n· the joint announcements related to the Proposed Transaction released subsequently by Canal+ and MCG on the Stock Exchange News Service of the JSE Limited and the A2X News Service.\n \nAPPROVAL BY SOUTH AFRICAN COMPETITION TRIBUNAL\n \nThe parties are pleased to advise shareholders that the South African Competition Tribunal (\"the Tribunal\") has approved the Proposed Transaction, subject to agreed conditions which include the implementation of the structure announced on 4 February 2025.\n \nAs was previously disclosed, the agreed conditions include a robust package of guaranteed public interest commitments proposed by the Parties. The package supports the participation of firms controlled by Historically Disadvantaged Persons (\"HDPs\") and Small, Micro and Medium Enterprises (\"SMMEs\") in the audio-visual industry in South Africa. This package will maintain funding for local South African general entertainment and sports content, providing local content creators with a strong foundation for future success.\n \nThe approval by the Tribunal follows a positive recommendation from South Africa's Competition Commission as announced on 21 May 2025 and concludes the competition review process in South Africa.\n \nThe Parties ...