South Africa · Governance
How the Canal+ mandatory offer for MultiChoice progressed
Canal+ offered ZAR 125 per share for eligible MultiChoice shares it did not already own. Between the February 2024 takeover panel ruling and the December 2025 notice on ending MultiChoice’s listings, shareholders received a series of separate offer and reorganisation notices.
Sources checked
- 28 February 2024Takeover Regulation Panel ruling
MultiChoice listed the ruling on the status after Canal+ reached 35% Source 1
- 8 April 2024Firm intention announcement
Terms of the proposed mandatory offer were announced Source 1
- 4 June 2024Combined offer circular
Cash offer of ZAR 125 per eligible ordinary share Source 2
- 23 July 2025Competition Tribunal approval announcement
The parties announced clearance of the mandatory offer Source 1
- 4 August 2025Phuthuma Nathi circular
Reorganisation documents were issued for a shareholder vote Source 2
- 26 August 2025Phuthuma Nathi shareholder resolutions
Shareholders approved the resolutions needed for the reorganisation Source 2
Show 5 more dates
- 15 September 2025Reorganisation implementation notice
MultiChoice announced implementation of the South African reorganisation Source 1
- 22 September 2025Mandatory offer finalisation notice
The parties published a finalisation announcement and a separate implementation update Source 1
- 13 October 2025Offer results
Results of the mandatory offer were announced Source 1
- 24 October 2025Compulsory acquisition notice
The company published the notice on acquisition of remaining shares under section 124(1) Source 1
- 8 December 2025Termination of listings notice
MultiChoice published the termination notice for JSE and A2X listings Source 1
Use the selector to find a particular notice or meeting.
The combined circular set the cash offer terms
The 4 June 2024 circular set out ZAR 125.00 per ordinary share for shares Canal+ did not already hold, excluding treasury shares. It followed the February ruling and the April firm intention announcement. Each document marks a separate step in the offer. Source 1 Source 2
The reorganisation had a separate shareholder vote
The Phuthuma Nathi resolutions were circulated on 4 August 2025 and approved on 26 August. MultiChoice said the reorganisation formed part of the Competition Tribunal’s conditions for the offer. The takeover panel’s annual report also identifies foreign control rules and empowerment commitments as relevant to the restructuring. Source 2 Source 3
Offer results preceded the compulsory acquisition notice
MultiChoice announced offer results on 13 October 2025, then published a notice on compulsory acquisition of remaining shares on 24 October. Its December notice concerned the end of JSE and A2X listings. The September finalisation announcement was an earlier event. Source 1
The takeover panel and competition tribunal had distinct roles
The takeover panel describes its role in terms of fair treatment and adequate information for shareholders. The competition approval was a separate regulatory stage. The takeover panel’s FY2026 annual report puts the related MultiChoice series at approximately ZAR 55 billion in equity value, a different measure from the price offered per share. Source 3 Source 4 Source 1
Sources
- MultiChoice Group, Canal+ mandatory offer regulatory document index
- MultiChoice Group, reorganisation and mandatory offer update of 26 August 2025
- Department of Trade, Industry and Competition, Takeover Regulation Panel Annual Report 2026
- Takeover Regulation Panel, shareholder protections during affected transactions