Caxton’s urgent interdict application against Naspers was dismissed with costs by the Competition Tribunal on Wednesday.
The application was heard last Friday, and the reasons behind the decision will be issued shortly, a Competition Tribunal spokesperson said.
The media group had hoped to prevent Naspers from buying out the minority shareholding in Electronic Media Network (M-Net) and Supersport International Holdings (Supersport).
Caxton, together with CTP Publishers, had wanted the transaction to be declared a notifiable merger in terms of the Competition Act.
Naspers argued it was not necessary to notify the competition authorities because the deal did not involve a change in control.
Although the transaction will increase Nasper’s effective share of M-Net/Supersport from 40,6% to almost 60%, the unlisted company M-Net Holdings will continue to control the company through a joint control arrangement between the shareholders.
The Competition Tribunal’s decision on Wednesday means that the deal can go ahead with no delays. — Sapa