Canal+ will make a new offer for South African pay-TV platform MultiChoice by April 8.
It follows the decline of Canal’s earlier offer for those shares in MultiChoice that it doesn’t already own.
The Vivendi unit has been given additional time by the Takeover Regulation Panel in which to make the offer.
Having increased its holding in MultiChoice several times, Canal has now exceeded the 35% threshold at which a formal offer is required.
“Canal+ respects the decision taken by the Panel, and will comply with it. On this basis, Canal+ confirms that it has applied for and received from the Panel an exemption from adhering to the timing requirements,” Canal said in a statement.
Last month, Canal tabled a €2.5 billion bid for MultiChoice and its DStv and Supersport brands.
However, MultiChoice rejected the bid saying the 105 rand per share significantly undervalued the company.
MultiChoice says it will continue to act in the best interests of the Company and its shareholders.
