JOHANNESBURG, March 5 (Reuters) – French media group Vivendi’s VIV.PA Canal+ has raised its offer to buy all the shares of South Africa’s MultiChoice MCGJ.J that it does not already own, the companies said on Tuesday.

Canal+, the biggest shareholder in MultiChoice, will offer 125 rand per share, valuing the pending shares at about 33.7 billion rand ($1.77 billion) according to Reuters calculations, after its previous offer of 105 rand was rejected last month.

On Monday, Canal+ said it would make a firm offer by no later than April 8 after the Takeover Regulations Panel said it should immediately announce one because its 35.01% shareholding in MultiChoice triggered a mandatory offer requirement.

MultiChoice, Africa’s biggest pay-tv company, had said the 105 rand per share offer significantly undervalued the group.

Both companies said they intend to mutually co-operate and “accordingly, MultiChoice will give customary exclusivity undertakings to Canal+.”

Once the mandatory offer is made, the Independent Board of MultiChoice will be constituted and will, after receipt of the independent expert’s opinion, provide its opinion and recommendation on the offer, the companies added.

($1 = 19.0542 rand)

(Reporting by Nqobile Dludla in Johannesburg and Radhika Anilkumar in Bengaluru; Editing by Varun H K)