MultiChoice, the financial backer of Dynamic TV’s bid to take over troubled TopTV, appears to have withdrawn its support for the consortium after it lost the bid to rival StarTimes.
HumanIPO reported yesterday shareholders at On Digital Media (ODM), owners of TopTV, had backed the Chinese company’s offer.
DStv operator MultiChoice was prepared to provide South African consortium Dynamic TV with a ZAR500 million (US$55 million) loan to make the offer, but in a statement today the company distanced themselves from any future moves.
It read: “Dynamic TV Consortium was not successful in the business rescue process. We wish Messrs Mkhari and Kekana well in all their future endeavours.
“At this stage Dynamic TV Consortium has not discussed with us what further steps they wish to take.”
Business Day Live is reporting today Dynamic TV will head to court because of new business rescue regulations which require more than 75 per cent of creditors’ voting interests to support any moves. It is thought the actual figure at the vote on Tuesday was 52.9 per cent.
A Dynamic TV statement on Wednesday read: “The creditors and shareholders have made their decision and we are studying the process, outcomes and related implications of the decisions and will pronounce on the next steps in due course.”
