• After being asked to stay on longer, MultiChoice chairman of the board of directors, Imtiaz Patel will step down from the position with immediate effect.
• This as MultiChoice’s discussions about a proposed acquisition by Canal+ have reached an advanced stage.
• Current deputy chair Elias Masilela will take up the mantle of chairman.

As Canal+ continues to acquire MultiChoice shares in a bid to take control of the company, the South African broadcaster appears to be nearing a decision on the offer the French media conglomerate put forward earlier this year.

This is because late on Tuesday afternoon, MultiChoice announced that its chairman of the board of directors, Imtiaz Patel, would be stepping down with immediate effect.

The chairman was already in the process of leaving but once the Canal+ offer came down the pipeline, he was asked to remain on the board until a later date. As it turns out that date was 23rd April.

MultiChoice wrote in a SENS update that Patel was able to leave as discussions about the proposed acquisition have reached an advanced stage. An independent board has been established and it will fulfill its obligations as set out by the Takeover Regulations.

Current deputy chairman, Elias Masilela will step into the position of chairman of the board.

“The Board and Mr Patel have therefore agreed that now would be an appropriate time for Mr Masilela, the current Deputy Chair, to be appointed as Chair as planned and for Mr Patel to step down from the Board with effect from the date of this announcement. As was announced on 11th September 2023, Mr Patel will remain involved in assisting the Group on a consultancy basis,” MultiChoice told investors.

“The Board thanks Mr Patel for his extraordinary service and sacrifices during his tenure as Chair. The Board wishes Mr Masilela every success in his new role,” the broadcast behemoth added,

It’s not clear from this statement which direction MultiChoice will take as regards the proposal from Canal+. However, the French media firm has been hoovering up shares en masse since it made its proposal. By last week Wednesday Canal+ had acquired a further 3.6 million MultiChoice shares.

With Patel stepping down, we suspect it won’t be long before we hear from MultiChoice as to whether it will be selling its business.