French firm Canal+ offers $2.9bn to buy Multichoice

French media company Canal+ has made an offer of $2.9bn (£2.2bn) to fully acquire South African broadcasting company MultiChoice.

It is a more attractive price compared to the $1.7bn bid that it presented MultiChoice in February, which MultiChoice's board rejected as undervaluing the company.

MultiChoice is Africa's largest provider of subscription TV services, which include DSTv and streaming service Showmax.

Canal+ already owns 35% of MultiChoice and is the majority shareholder in the South African company.

The intended acquisition of MultiChoice is part of Canal+'s strategy to expand its presence on the continent beyond West African and French-speaking countries.

Canal+ operates in 25 African countries and is the leading operator for pay TV services in French-speaking African countries.

MultiChoice's profits have declined in recent years, amid growing competition from streaming services.

This article originally appeared on BBC News