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South African pay-TV giant MultiChoice announced today that it has rejected a buyout offer from French media company Canal+.

Citing a significant undervaluation of the company, MultiChoice has ended negotiations with Canal+, which already held a 30% stake.

Canal+ offered 105 rand (approximately $5.5) per share for the remaining shares in MultiChoice. However, the South African company stated that a recent valuation placed its worth considerably higher.

“Following careful consideration, the board concluded that the proposed offer price significantly undervalues the Group and its future prospects,” MultiChoice said in a statement.

“Therefore, we have informed Canal+ that the offer does not provide a basis for further engagement at this price.”

The board did express openness to further discussions with Canal+ if the offered price reflects the company’s true value.

Canal+, owned by billionaire Vincent Bolloré’s Vivendi group, operates in 25 African countries and boasts 8 million subscribers.

Their existing stake in MultiChoice, Africa’s largest pay-TV company with over 23 million subscribers in 50 countries, provided them with a strong foothold in the continent’s English-speaking and Portuguese-speaking markets.

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