French broadcaster Canal+ has agreed to up its bid for the remaining shares in South African media company Multichoice that it doesn’t already own.
It’s believed Canal+ has increased its bid by over $1 billion to $2.7 billion.
Yesterday, Canal+ said it will make a mandatory offer to the African broadcaster by no later than April 8th following a ruling by South Africa’s Takeover Regulation Panel.
“Once the mandatory offer is made, the independent board of MultiChoice will be constituted and will, after receipt of the Independent Expert’s opinion, provide its opinion and recommendation. Nothing in this announcement should be read as limiting in any way the giving of such opinion,” the parties said.
Both sides said they intend to co-operate and MultiChoice will give exclusivity undertakings to Canal+.
Maxime Saada, chairman and CEO of Canal+, told Reuters that following the new bid, the two sides are expected to resume talks.
