That offer at SAR125 per share follows an indicative offer of 105 rand made by Vivendi-owned Canal+ on February 1st, which MultiChoice rejected on the grounds that it significantly undervalued the company.
The requirement to make a mandatory offer was triggered earlier in the year by Canal+ subsequently raising its holding in the firm beyond the 35 per cent threshold.
If the latest offer is accepted, it would create a pan-African broadcaster with over 31 million subscribers across 50+ countries.