As a prominent shareholder in MultiChoice, holding a 31.67 percent stake, as per data from the London Stock Exchange Group (LSEG), Canal+ proposes to pay 105 rand in cash per share. This offer represents a remarkable 40 percent premium over MultiChoice's closing share price on the previous Wednesday.

While the offer, valued at 31.7 billion rand, is non-binding and indicative, Canal+ emphasized its commitment to the potential acquisition. The French company is set to deliver a formal letter of firm intention to MultiChoice's board after completing due diligence.

Maxime Saada, Chairman and CEO of Canal Plus, highlighted the strategic importance of the potential acquisition for MultiChoice's growth in Africa. Saada stated, "For MultiChoice to continue to thrive in Africa will require a strategy that enhances its scale as well as strengthened local and global expertise. Our potential offer, if successful, would be an important next step for MultiChoice to realize its full potential."

In response to the proposal, MultiChoice, operating in 50 sub-Saharan African countries, confirmed receiving the letter from Canal+ and assured shareholders of updates on any developments.

Canal+, a subsidiary of Vivendi SE, a French mass media holding company headquartered in Paris, aims to fortify its presence in the South African market through this proposed acquisition. As both companies navigate the due diligence process, the potential deal marks a significant juncture in the evolution of the media landscape in the region. Stay tuned for further updates on this developing story.