Canal+, the biggest shareholder in MultiChoice, is offering R125 per share in cash, valuing the pending purchase at about 35 billion rand ($1.9 billion) and the whole company at about R55bn, according to Reuters calculations.
The offer price represents a premium of 66% to MultiChoice's closing price of R75 on 1 February, the stock's last trading day before Canal+ delivered its indicative offer.
The deal would create a pan-African broadcasting powerhouse able to put African content to global audiences as well as compete on an international scale.
The French media company has broad reach in French-speaking African nations, MultiChoice has a stronger presence in English-speaking countries, including South Africa, Nigeria and Kenya.
MultiChoice's board has appointed Standard Bank of South Africa Limited as its advisor on the deal, the companies said.
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/
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