MultiChoice chair Patel to stay on as Canal+ talks continue

Source: MultiChoice

Imtiaz Patel, chair of MultiChoice, has agreed to extend his term until the conclusion of the South African pay TV operator’s negotiations with Canal+.

The French pay TV player is currently in exclusive talks with MultiChoice to acquire the shares in the operator that it does not already own.

MultiChoice’s board said that it “believes that there is significant benefit in continuity at this time and Mr Patel has agreed to extend his tenure until the conclusion of the Canal+ transaction or such sooner date as may be determined in light of progress on the transaction.”

Patel’s term had been due to end yesterday.

Elias Masilela, a long-standing non-executive director and the designated chair, will become the eputy chair of the MultiChoice board. He will also become lead independent director (LID) in the place of Jim Volkwyn, who is stepping down as lead independent director  but will remain as a non-exec.

Exclusivity undertakings

In March, Canal+ raised the amount it was prepared to pay to acquire MultiChoice and the two pay TV operators agreed “to mutually cooperate” with MultiChoice giving the French company “customary exclusivity undertakings”

The South African operator said that once the mandatory offer was made, an independent board would be set up to provide a recommendation but added the caveat that “nothing in this announcement should be read as limiting in any way the giving of such opinion”.