Canal+ gets a no from MultiChoice, but will likely be back, say analysts

DStv and Showmax owner MultiChoice publicly rebuffed a takeover offer from Canal+ on Monday. But analysts say the French media giant is likely to remain interested in the operator of Africa's largest pay-TV network.

In a move that has thrown SA's foreign ownership media rules into the spotlight, Canal+ last week announced it was interested in paying R105 per share for MultiChoice, valuing it at R46 billion on the JSE. But the company said on Monday it feels this undervalues it, even before "any potential synergies which may arise from the envisaged transaction".