JOHANNESBURG (Reuters) -Vivendi's French media company Canal+ will publish a firm intention to buy shares of South African pay-TV company MultiChoice that it does not already own by no later than April 8, it said on Monday.
This follows a ruling on Wednesday by South Africa's Takeover Regulations Panel that required Canal+ to immediately make a firm intention announcement because its 35.01% shareholding in MultiChoice triggered a mandatory offer requirement when it raised its stake earlier in February.
"Canal+ respects the decision taken by the Panel, and will comply with it. On this basis, Canal+ confirms that it has applied for and received from the Panel an exemption from adhering to the timing requirements," the media group said.
The panel has extended the time period by 25 business days, it added.
Last month Canal+, the biggest shareholder in MultiChoice, offered to buy the rest of the company for 105 rand per share, however MultiChoice rejected its offer, saying it significantly undervalued the group.
MultiChoice said it notes the announcement and that the board will continue to act in the best interests of the company and its shareholders.
Shares in the owner of DStv and on-demand video streaming platform Showmax were up 2.56% at 0840 GMT.