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Canal+ Offers ZAR 125 per Share: Key Dates and Tax Insights | Rateweb
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Canal+ Offers ZAR 125 per Share: Key Dates and Tax Insights

Canal+ has made a mandatory offer to acquire all remaining ordinary shares of MultiChoice. The offer is priced at ZAR 125.00 per share, payable in cash. This offer excludes shares already owned by Canal+ and treasury shares.


On April 8, 2024, Canal+ and MultiChoice released a joint firm intention announcement (FIA). The offer aims to acquire all MultiChoice shares not owned by Canal+. An extension for the combined circular distribution was announced on May 2, 2024.

Details of the Offer

The Combined Circular detailing the offer will be distributed to shareholders on June 4, 2024. Electronic copies are available on MultiChoice’s and Canal+’s websites. The Combined Circular includes the terms of the offer and the independent board’s recommendation.

Key Dates

The table below outlines the important dates related to the offer:

May 24, 2024Record date for eligible shareholders
June 4, 2024Posting of Combined Circular
June 5, 2024Offer opens at 09:00
April 8, 2025Offer becomes wholly unconditional
April 9, 2025Finalisation date
April 17, 2025First payment date
April 22, 2025Last day to trade to participate in the offer
April 23, 2025Shares trade “ex” the offer
April 25, 2025Record date to participate
April 25, 2025Offer closes at 12:00
April 29, 2025Results released on SENS and ANS
April 30, 2025Results published in the South African press

Offer Conditions

The offer is subject to several conditions, including regulatory approvals. Shareholders are advised to consult the Combined Circular for detailed terms and conditions.

Tax Implications

Tax implications for shareholders depend on individual circumstances and jurisdictions. Shareholders should seek professional tax advice. Canal+ will pay any securities transfer tax for the shares acquired.

Responsibility Statements

The independent board of MultiChoice accepts responsibility for the information related to MultiChoice. Canal+ directors accept responsibility for the information related to Canal+.

Important Notices

MultiChoice’s memorandum of incorporation allows voting rights reduction to ensure compliance with South African laws. Foreign shareholders’ voting power may be reduced to not exceed 20%. Shareholders with non-South African addresses are deemed foreign unless proven otherwise.

US Shareholder Information

The offer is being made in the US under Rule 14d-1(c) of the US Securities Exchange Act. The offer will follow South African rules, which differ from US rules. Enforcement of US securities laws against MultiChoice and Canal+ may be challenging due to their foreign locations.

Forward-Looking Statements

This announcement contains forward-looking statements based on current beliefs and assumptions. Actual results may differ due to uncertainties and risks. Neither MultiChoice nor Canal+ is obligated to update these statements.


Canal+ has made a strategic move with this mandatory offer to acquire MultiChoice shares. Shareholders should review the Combined Circular for detailed information and consult with their advisors. The offer, if successful, could significantly impact both companies’ futures.