Canal Plus has raised its offer to buy those shares in South Africa’s MultiChoice that it doesn’t already own.
Already the largest shareholder in the pay-TV operator, Canal will offer R125 per share, an uplift on the R105 rejected last month.
The new offer is valued at R33.7 billion.
Yesterday, the Takeover Regulation Panel gave the Vivendi unit until 8 April to make a new offer.
Having increased its holding in MultiChoice several times, Canal has now exceeded the 35% threshold at which a formal offer is required.