There is a new last-minute bidder for a stake in struggling On Digital Media's (ODM) TopTV satellite pay-TV business with a South African consortium comprised of Given Mkhari's MSG Afrika and Malose Kekana's Falk Trading who have entered a business proposal which will now rival China's StarTimes.
ODM is currently in business rescue since the end of October 2012 and the cash-strapped and loss-making pay-TV operator is trying to prevent liquidation by getting a new capital rich partner to flush the Woodmead-based operation with an injection of new cash.
ODM shareholders are considering China's StarTimes offer which has put forth a R100 million bid and wants to install their own CEO.
ODM shareholders are supposed to vote on this offer tomorrow, Tuesday, but tomorrow they will now also hear of the new consortium's offer who wants to make a capital injection of R400 million into ODM's struggling operation.
The consortium of MSG Afrika and Falk Trading has plans for local TV content; China's StarTimes has already put forth its own proposals for a radical and major overhaul of TopTV.