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PARIS/JOHANNESBURG - French media company Canal+ SA (LSE:CAN) will compulsorily acquire all remaining shares in South African pay-TV operator MultiChoice Group Limited after securing over 94% of the company’s issued ordinary shares, according to a press release issued Friday.
The compulsory acquisition follows Canal+’s mandatory offer launched in June 2024. The company now holds 94.39% of MultiChoice’s shares and will acquire the remaining stake under Section 124(1) of South Africa’s Companies Act, which permits compulsory acquisition when an offer has been accepted by shareholders holding more than 90% of target shares.
MultiChoice shares will be suspended from trading on the Johannesburg Stock Exchange (JSE) and A2X beginning Monday, October 27, with complete delisting expected on December 10, subject to regulatory approvals.
Remaining MultiChoice shareholders have until December 5 to exercise their rights to apply to a court regarding the acquisition. After this date, Canal+ will proceed with the compulsory purchase at the same terms and consideration as the original offer.
The acquisition represents the culmination of Canal+’s expansion strategy in the African media market. MultiChoice operates the DStv satellite television service across multiple African countries.
The transaction has received necessary regulatory approvals, including from South Africa’s Financial Surveillance Department. Payment to remaining shareholders will be made on December 5, with unclaimed funds held in trust according to legal requirements.
The notice of compulsory acquisition was published on the Stock Exchange News Service of the JSE, where MultiChoice is currently listed.
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