MultiChoice, a leading pan-African digital satellite broadcasting company, reportedly extends Imtiaz Patel’s tenure as chair until the completion of the ongoing Canal+ deal.
MultiChoice Extends Imtiaz Patel’s Tenure
The decision underscores the importance of continuity during this critical period, with Patel agreeing to remain in his role until the transaction is finalized.
Following a recent Takeover Regulation Panel (TRP) ruling mandating Groupe Canal+ SA (Canal+) to make an immediate mandatory offer to all MultiChoice shareholders, the board has agreed with Patel to retain him as chair.
This decision reflects the significance of Patel’s leadership in navigating the complexities of the transaction.
Canal+, a French media group, has expressed interest in acquiring all issued ordinary shares of MultiChoice, subject to regulatory approval.
Despite MultiChoice’s rejection of Canal+’s initial bid, citing undervaluation, the TRP’s directive prompted Canal+ to raise its offer price to R125 per MultiChoice ordinary share.
Retaining Patel as Chair
In light of these developments, MultiChoice and Canal+ have expressed their intention to collaborate closely throughout the acquisition process. However, with the transaction ongoing, MultiChoice has opted for continuity by retaining Patel as chair until its conclusion.
Meanwhile, Elias Masilela, a seasoned non-executive director, is set to assume the role of deputy chair of the MultiChoice board effective April 1, 2024.
Masilela, designated as Patel’s successor, will also serve as the lead independent director, succeeding Jim Volkwyn, who will transition to a non-executive director role.
MultiChoice Remains Focused on Delivering Value
MultiChoice’s decision to extend Patel’s tenure underscores its commitment to ensuring stability and effective leadership during a pivotal phase in the company’s trajectory.
As the acquisition process progresses, MultiChoice remains focused on delivering value to its shareholders and advancing its position as Africa’s premier pay-TV group.
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