This move follows a regulatory nudge and aims to solidify Canal+'s grip on the DStv operator. 

In a strategic maneuver to bolster its presence in the South African market, Groupe Canal+ has significantly increased its bid to acquire MultiChoice, a leading player in the broadcasting arena. The French media giant's latest offer of R35.9 billion marks a notable escalation from its initial bid and underscores its determination to consolidate control over MultiChoice.

The saga began earlier this year when Canal+ augmented its stake in MultiChoice to 35.01%, triggering a statutory obligation to extend an offer to purchase the remaining shares. Initially, Canal+ proposed a buyout at R105 per share, but regulatory authorities deemed this offer inadequate, prompting Canal+ to recalibrate its bid.

Now, Canal+ has tabled a more enticing offer of R125 per share, surpassing the minimum price stipulated by regulatory requirements. This move not only demonstrates Canal+'s commitment to the acquisition but also reflects its recognition of MultiChoice's value in the media landscape.

Both Canal+ and MultiChoice have expressed their intent to collaborate throughout this process, with MultiChoice pledging customary exclusivity undertakings to Canal+. Additionally, MultiChoice will establish an Independent Board to evaluate the offer and provide its recommendation based on expert analysis.

Delving into the financial intricacies, MultiChoice's extensive shareholder base, comprising over 442 million ordinary shares, highlights the magnitude of Canal+'s proposed acquisition. With Canal+ already holding a significant 35.01% stake, acquiring the remaining shares at R125 each amounts to a substantial investment of R35.9 billion.

This bid represents a culmination of Canal+'s gradual accumulation of MultiChoice shares, as evidenced by the steady increase in its ownership since 2019. By extrapolating from MultiChoice's share price movements and disclosures related to Canal+, analysts estimate Canal+'s prior investment at approximately R17.2 billion for its existing stake.

Should Canal+'s mandatory offer be accepted, the conglomerate's total investment in MultiChoice would soar to nearly R53.2 billion, solidifying its foothold in the South African media landscape and potentially reshaping the dynamics of the broadcasting industry.