Canal+ has announced that it submitted a non-binding indicative offer to acquire South African pay-TV giant MultiChoice for about $1.7 billion. In a statement on Thursday, Canal+ said it sent a letter to MultiChoice's board containing a non-binding indicative offer to acquire all of the issued ordinary shares of MultiChoice it does not already own, subject to obtaining the necessary regulatory approvals. It has offered $5.63 per ordinary share, representing a premium of 40% to MultiChoice's closing share price of $4 on 31 January 2024. In its last annual report, MultiChoice revealed that Canal+ owned 140,160,277 of its 442,512,678 issued shares. Buying out the remainder would cost Canal+ close to $1.7 billion. Canal+ conducted a creeping takeover of MultiChoice over the past four years.