Multichoice has rejected an acquisition offer from Groupe Canal+, while disclosing that the French company has been buying up shares in the group.
MultiChoice has filed the required notice with the Takeover Regulation Panel and the Companies and Intellectual Property Commission. A second SENS notice discloses that Multichoice has rejected an offer from Groupe Canal+ to acquire the remainder of the entire issued share capital of MultiChoice for a proposed price of R105 per share in cash.
“After careful consideration, the board has concluded that the proposed offer price of R105 in cash significantly undervalues the group and its future prospects,” according to the statement from Multichoice.* MultiChoice has recently conducted a valuation exercise, which has valued it significantly above R105 a share.
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