FILE PHOTO: A MultiChoice logo is displayed outside the company’s building in Cape Town, South Africa February 2, 2024. REUTERS/Esa Alexander/File Photo

JOHANNESBURG, April 18 (Reuters) – French media group Vivendi’s VIV.PA Canal+ said on Thursday that it has bought 3.7 million shares in South African broadcaster MultiChoice MCGJ.J to increase its stake to 40.83%.

Last Monday, Canal+ made an all-cash mandatory offer to buy all the shares of MultiChoice it does not already own for 35 billion rand.

Canal+ had said that it reserves the right to buy more MultiChoice shares in the market during the course of the offer. Should the French company buy these shares at more than 125 rand each, it is obliged to increase the offer price “to not less than the highest consideration paid per MultiChoice share”.

It has increased its stake from 36.6% as of April 8, buying shares from April 12 to April 17 at 117.50 rand, 115.99 rand, 115.95 rand and 116 rand per share, it said in a statement on Thursday.

The offer at 125 rand per share is with the board of MultiChoice awaiting approval.

(Reporting by Nqobile Dludla; editing by Jason Neely)