DStv owner MultiChoice surges as French giant Canal+ makes buyout offer

01 Feb

Compiled by Ahmed Areff

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French entertainment giant Canal+ wants to take control of MultiChoice, making an offer on Thursday to buy all remaining shares it does not own of the DStv owner.

In a letter to the MultiChoice board, Canal+ confirmed it would offer shareholders a cash payment of R105 per MultiChoice ordinary share, a premium of 40% to the JSE-listed company's closing share price of R75 on Wednesday.

MultiChoice surged in response, trading as high as R94.55, but in afternoon trade it was only about 24% higher at R92.48. The shares have still fallen by about 23% in the past one year.

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