MultiChoice Turns Down Canal+’s Buyout Offer Over Valuation Dispute
South African pay-TV giant, MultiChoice, has officially declined a buyout offer from French media company Canal+.
Despite Canal+’s 30% stake in MultiChoice, the latter rejected the proposed offer of 105 rand (approximately $5.5) per share for the remaining shares.
MultiChoice stated that the offered price significantly undervalues the company and its future prospects.
Valuation Dispute Leads to Rejection
In a released statement, MultiChoice clarified that after careful consideration, the board concluded that the proposed offer price falls short of reflecting the true value of the group.
The rejection comes after a recent valuation, which indicated a considerably higher worth for MultiChoice.
The board conveyed to Canal+ that the offer doesn’t provide a basis for further engagement at this price.
Openness to Future Discussions
While rejecting the current offer, MultiChoice’s board expressed openness to future discussions with Canal+ under the condition that any offered price aligns more closely with the company’s perceived true value.
This move leaves room for potential negotiations if a revised offer meets MultiChoice’s valuation expectations.
Canal+’s Stakes and Ambitions
Canal+, a media company under billionaire Vincent Bolloré’s Vivendi group, holds a 30% stake in MultiChoice and operates across 25 African countries.
With 8 million subscribers, the company established a strong presence in the continent’s English-speaking and Portuguese-speaking markets.
The failed buyout bid reflects Canal+’s ambitious move to further solidify its position in Africa’s pay-TV landscape.
MultiChoice: Africa’s Pay-TV Giant
MultiChoice stands as Africa’s largest pay-TV company, boasting over 23 million subscribers across 50 countries.
The rejection of Canal+’s offer highlights the company’s commitment to securing a fair valuation that aligns with its perceived worth and future growth prospects.
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