The deal made by Canal+ Group, a French TV channel, to acquire South Africa’s MultiChoice at $2.9 billion has been considered “fair and reasonable”.
According to Reuters, the independent board set up by Multichoice spoke on the deal on Tuesday.
The board said “the terms and conditions of the offer are fair and reasonable to MultiChoice shareholders”.
Canal+ is a top shareholder in MultiChoice with a 45.2 percent stake, according to the London Stock Exchange Group (LSEG) data. On February 2, Canal+ proposed to buy the remaining shares at MultiChoice at $1.69 billion, however, the deal was rejected by the South African firm.
In April, the French company raised the offer to $2.9 billion to acquire MultiChoice.
The report said Canal+ made a firm offer of 125 rands in cash per MultiChoice share, or about 35 billion rands ($1.88 billion), which valued the company at about 55 billion rands.
