French media conglomerate Vivendi’s Canal+ has upped the ante in its bid to acquire full ownership of South Africa’s MultiChoice, as announced by the companies on Tuesday.

With Canal+ already holding the majority stake in MultiChoice, the revised offer stands at R125 per share, translating to a staggering R33.7 billion ($1.77 billion) valuation, as per calculations by Reuters. This move comes after Canal+’s initial bid of R105 per share was rebuffed last month by MultiChoice.

In response to the takeover regulations panel’s directive, Canal+ has committed to submitting a firm offer no later than April 8, triggered by its current 35.01% shareholding in MultiChoice, which mandates a mandatory offer requirement.

MultiChoice, renowned as Africa’s largest pay-TV company, had firmly stated that the earlier R105 per share offer significantly underestimated the true value of the company.

In a significant development, both entities have signaled their intent to collaborate extensively, with MultiChoice committing to customary exclusivity undertakings to Canal+.

Once the mandatory offer is officially extended, an independent board for MultiChoice will be established. This board, post receiving an independent expert’s opinion, will furnish its perspective and recommendation regarding the offer, the companies clarified.

This latest development underscores the escalating stakes in the media landscape, especially within the African continent, as both Canal+ and MultiChoice maneuver to solidify their positions in the competitive market.