Canal+ and MultiChoice Group (MCG) have announced an extension of the Long Stop Date for their proposed acquisition, as regulatory approvals remain ongoing. The extension allows more time for the fulfilment of conditions necessary for completing the transaction, ensuring compliance with competition and broadcasting regulations.
Background on the Offer
Shareholders of Canal+ and holders of MultiChoice ordinary shares (“MCG Shareholders”) are referred to:
- The Combined Circular, published by Canal+ and MCG on 4 June 2024, outlining the terms and conditions of the mandatory offer by Canal+ (“the Offer”) to acquire all issued ordinary shares of MCG not already owned by Canal+, excluding treasury shares. The Offer is valued at ZAR 125.00 per share, payable in cash.
- The Joint Announcements, released on 30 September 2024 and 4 February 2025, detailing:
- The joint merger control filing submitted to the South African Competition Commission and engagements with the Independent Communications Authority of South Africa (ICASA) and other regulators.
- The agreed post-transaction structure of MultiChoice and the in-principle support from the Board of Directors of Phuthuma Nathi, subject to regulatory review and approval.
Extension of the Long Stop Date
Given the complexity of the regulatory approval process, merger control clearance and other necessary approvals will not be finalised by the original Long Stop Date of 8 April 2025—the deadline for fulfilling or waiving all conditions of the Offer.
Furthermore, after consulting with the Takeover Regulation Panel (TRP), Canal+ has extended the Long Stop Date to 8 October 2025. This extension ensures that all regulatory requirements can be met without compromising the integrity of the transaction. Other than this extension, the terms of the Offer remain unchanged.
Leadership Comments on the Extension
Maxime Saada, CEO of Canal+, reaffirmed the company’s commitment to the transaction:
“Our decision to extend the Long Stop Date reflects the hard work and positive progress achieved by all parties involved. We are dedicated to securing the necessary approvals for this transformative deal. The timing of this transaction is critical, and we remain focused on finalising it within the new timeframe to preserve its intended value and impact for all stakeholders.”
Calvo Mawela, CEO of MultiChoice Group, echoed this sentiment:
“The teams continue to make great progress on this transaction. We remain committed to concluding a successful deal that will create positive value for our customers, shareholders, and all other stakeholders in our ecosystem.”
Next Steps
Canal+ and MultiChoice will continue working closely with regulators to secure the necessary approvals. The extension provides both parties with sufficient time to ensure compliance while maintaining momentum toward a successful acquisition.
Finally, MCG Shareholders and stakeholders will be kept informed of further developments as the process advances.
