French broadcaster Canal Plus’ bid to take outright control of South Africa’s Multichoice has been referred to the country’s takeover panel.
It follows Multichoice’s decision to reject the $1.7 billion bid by the company’s largest shareholder Canal Plus to acquire the stake it doesn’t own.
According to Reuters, Multichoice rejected the offer stating it “significantly undervalued” the group. However, the company did say it would be open to talks with anyone as long as they offer a fair price.
Multichoice has now referred the matter to the Takeover Regulation Panel to rule on whether Canal Plus must make a mandatory offer for the broadcaster.
“At the time of releasing this statement, the panel is still engaging with MultiChoice and Canal+ to provide guidance and guidelines on how the matter is to be handled and addressed,” said the panel in a statement.
Last week, Canal Plus’ parent company Vivendi revealed its own plan to split into three companies, including Canal Plus, which would be listed on the French stock exchange.
