MultiChoice Group Limited has confirmed the start of a major reorganisation of its South African operations, a move directly tied to the mandatory takeover offer by Groupe Canal+.
The restructuring impacts the MultiChoice South Africa Holding (MCSAH) group of companies and follows approval by the South African Competition Tribunal, which cleared Canal+’s ZAR125 per share cash offer subject to certain conditions.
Why the Overhaul Matters
According to MultiChoice, the restructuring is a crucial step toward finalising the Canal+ transaction. It is expected to:
- Consolidate ownership under Canal+
- Enhance compliance with South Africa’s regulatory and competition framework
- Facilitate a smoother acquisition process
With agreements now unconditional, MultiChoice has officially started the process and will release an updated mandatory offer timetable once the reorganisation concludes.
Restrictions on Foreign Voting Rights
MultiChoice also reminded shareholders of provisions in its memorandum of incorporation that limit the voting rights of foreign investors to a maximum of 20% of total voting power. This safeguard is designed to comply with South African broadcasting and media ownership laws.
The company clarified that all American Depositary Shares and shareholders with non-South African addresses will be presumed foreign unless they can prove otherwise.
Independent Board’s Assurance
The MultiChoice independent board reaffirmed its accountability for the accuracy of disclosures, stressing that no material details have been withheld.
Background on the Canal+ Deal
This announcement builds on earlier updates released on August 4 and August 26, 2025, in which MultiChoice outlined the planned reorganisation as a necessary step to enable the Canal+ acquisition.
