The proposal, at R105 per ordinary share, represents a 40% premium and could transform MultiChoice into a global-scale media powerhouse. 

Canal+ emphasizes its commitment to South Africa's creative industry, local sports, and B-BBEE, aiming to create a leading African media entity to navigate the evolving global media landscape.

Long Description: In a bold move, Canal+ has made waves in the media industry by submitting a non-binding indicative offer to acquire MultiChoice, South Africa's prominent pay-TV giant, for an impressive R31.7 billion. The proposed deal, set at R105 per ordinary share, signifies a 40% premium over MultiChoice's closing share price of R75 on January 31, 2024.

The French media company, Canal+, already a significant shareholder with 140,160,277 of MultiChoice's 442,512,678 issued shares, aims to buy out the remainder, solidifying its position in the South African media landscape. Canal+ has pursued a gradual takeover of MultiChoice over the past four years, steadily acquiring shares on the open market, leading to concerns about compliance with South Africa's Electronic Communications Act.

MultiChoice, however, has dismissed these concerns, citing its memorandum of incorporation, which limits foreigners' voting rights to 20%, aligning with the Act. Canal+'s acquisition, if successful, would propel MultiChoice into the league of global-scale media companies.

The proposed deal comes after Canal+ conducted a confirmatory due diligence, with the intention to deliver a firm offer letter to MultiChoice's Independent Board upon satisfactory completion. The specifics and progression of the potential offer remain uncertain at this stage.

Canal+ stresses its respect for South African laws and regulations, emphasizing its commitment to abide by all guidelines related to the media sector and companies listed on the Johannesburg Stock Exchange. The company is actively preparing for its listing following the unbundling announcement of its parent company, Vivendi.

The ambitious goal of Canal+ is to create an African media business with enhanced scale, catering to a competitive international market. The combination of Canal+ and MultiChoice, according to Canal+, would ensure a thriving future for MultiChoice, allowing it to offer a diverse range of sports, local and global content, and share Africa's stories globally.

Acknowledging the globalized and competitive nature of the media industry, Canal+ underlines the significance of scale in navigating challenges. A combined entity, Canal+ argues, would secure MultiChoice's status as Africa's pre-eminent media company, safeguarding its mid-term trajectory.

Canal+ reiterates its commitment to South Africa's creative industry, local sports, and Broad-Based Black Economic Empowerment (B-BBEE). The company aims to be "best-in-class" in terms of B-BBEE and the participation of historically disadvantaged groups, recognizing the pivotal role played by Phuthuma Nathi in this regard.

Maxime Saada, Canal+ chairman, and CEO expressed the company's long-term investment perspective in MultiChoice and South Africa. Saada envisions a strategy that enhances MultiChoice's scale, strengthens local and global expertise, and positions it to compete with global streaming media giants.

As a committed investor with a 30-year involvement in Africa's media sector, Canal+ aims to contribute to the success of MultiChoice and the broader South African creative ecosystem. The proposed acquisition, if realized, holds the potential to boost local talent, support production companies, and deepen access to international sports, while providing a platform for the continued success of MultiChoice as Africa's leading media company.