MultiChoice Declines Canal+’s Buyout Bid, Citing Undervaluation Concerns

MultiChoice, the South African pay-TV giant, has officially turned down a buyout offer from French media company Canal+, expressing dissatisfaction with the proposed price of 105 rand (approximately $5.5) per share. Despite Canal+’s existing 30% stake in MultiChoice, the latter argues that the offer significantly undervalues the company, and negotiations have come to an end.

Subheading 2: CBN Grapples with Forex Challenges and Controversial Backlog

As the Central Bank of Nigeria (CBN) navigates a $2.4 billion controversial backlog, analysts caution about the delicate handling required to maintain investor confidence. Dr. Olayemi Cardoso, CBN governor, clarified during an interview on Arise News that while $2.3 billion of the backlog has been cleared, $2.2 billion is still outstanding, and $2.4 billion remains controversial. Analysts stress the importance of managing this situation carefully to rebuild the CBN’s trustworthy image.

Subheading 3: Bank Directors Association of Nigeria (BDAN) Backs CBN’s Forex Measures

In response to the CBN’s recent directives on forex challenges, the Bank Directors Association of Nigeria (BDAN) has offered its support. BDAN Chairman, Mustafa Chike-Obi, commended the apex bank for its measures aimed at fortifying the nation’s financial system. The directives include limiting Net Open Positions (NOP) to 20% short or zero percent long of shareholders’ funds. BDAN encourages banks to comply with the regulations, viewing them as steps towards creating a resilient financial landscape. The association pledges continuous collaboration with the CBN and stakeholders for the betterment of the Nigerian economy.

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