South Africa's TRP orders Canal+ to make a mandatory offer for MultiChoice shares after acquiring 35.01% voting rights, surpassing the 35% threshold.
South Africa's Takeover Regulation Panel (TRP) has ordered French media company Canal+ to make a mandatory offer to buy MultiChoice shares it does not already own, after Canal+ acquired 35.01% of MultiChoice's voting rights, surpassing the 35% threshold requiring a mandatory offer. Canal+ initially offered $1.7 billion for the remaining stake in MultiChoice, which was rejected by the company. The TRP has ordered Canal+ to make the mandatory offer immediately, in line with the requirements of the Act and the regulations. If Canal+ fails to submit an offer acceptable to shareholders, it risks being barred from making any offers for 12 months under the TRP ruling.
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