MultiChoice Rejects Canal+ Takeover Bid

MultiChoice has rejected the takeover bid from Canal+.

On February 1, 2024, the French media giant offered to acquire MultiChoice, Africa’s pay-TV leader, for approximately R31.7 billion ($2.5 billion).

Multichoice has released a statement that argues the offer has been deemed too low by MultiChoice, which believes it undervalues the company’s worth.

MultiChoice views the bid as not reflective of its full business value, including potential synergies from a merger.

However, MultiChoice says it remains open to offers that fairly reflect its value and meet appropriate conditions.

Essentially, should Canal+ return with a higher bid – one that aligns with what Multichoice brass believes the company is worth – it could potentially be acceptable.

Will they come back with a higher bid? The current offer is a 40% premium to Multichoice’s market valuation.

See the official statement.