The Final Countdown: Canal+ Begins Squeeze-Out of Remaining MultiChoice Shareholders

The takeover of MultiChoice by French media giant Groupe Canal+ has entered its final, decisive phase. After successfully acquiring over 90% of the company’s shares, Canal+ has now triggered a compulsory acquisition process, known as a “squeeze-out,” to take full, 100% ownership and delist the African pay-TV leader from the Johannesburg Stock Exchange (JSE).

This move, while expected, marks the end of an era for MultiChoice as a publicly traded company. The squeeze-out is a standard legal procedure that allows a majority shareholder who holds a dominant stake to force the remaining minority shareholders to sell their shares.

How the Squeeze-Out Works

With its overwhelming majority, Canal+ has the legal right to compel the remaining shareholders to divest. These holdout shareholders, who may have been waiting for a better price or simply holding onto their investment, no longer have a choice. They will be required to accept the same final offer of R125 per share that was extended to all other shareholders.

This process ensures that Canal+ can achieve complete control over MultiChoice without being hindered by a fragmented group of small shareholders. It streamlines corporate decision-making and is the final step in consolidating the company into a privately held entity under the Canal+ umbrella.

The End of a JSE Staple

The initiation of the squeeze-out signals the impending departure of one of South Africa’s most recognizable consumer brands from the local bourse. For decades, MultiChoice has been a staple in many investment portfolios, but its journey as a publicly listed company is now concluding.

The delisting will remove the stock from public trading, meaning it will no longer be available for investors to buy or sell on the open market. The company’s performance and financial results will also become private information, no longer subject to the same level of public disclosure.

A New Chapter as a Private Entity

With full ownership, Canal+ can now fully integrate MultiChoice into its global operations without the scrutiny and regulatory requirements of a public listing. This paves the way for a deeper restructuring and a unified strategy to compete as a consolidated pan-African media powerhouse against global streaming rivals.

For the remaining shareholders, the message is clear: the deal is done. The MultiChoice they invested in is now fundamentally changing, becoming a wholly-owned component of a much larger international corporation. The squeeze-out is the final signature on the contract, sealing the fate of Africa’s premier pay-TV provider.