Canal+, the French entertainment group, is betting big on Africa. It has made a R46bn offer to buy out MultiChoice, the continent’s largest pay TV operator. But the deal is a risky and opportunistic gamble that could backfire.

The R105 per share cash offer, announced last week, has already met resistance from MultiChoice’s board, which rejected it as too low. MultiChoice’s shares have jumped more than 20% since the offer was made public, but it is still trading below the offer price, suggesting that the market is sceptical about the deal’s prospects...

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