The proposed transaction between Naspers, Electronic Media Network (EMN) and Supersport International will result in Naspers acquiring all of the issued share capital in M-Net and Supersport, said the Tribunal in a press release.
The Tribunal said the merger had been referred to them at the end of May by the Competition Commission recommending they approve it without conditions.
On July 2 Caxton then applied to participate in the merger hearing and pre-hearing procedures between Naspers, EMN and Supersport International.
The tribunal said Caxton had applied for leave to participate because it felt it was in a position to assist the Tribunal in evaluating both the submissions of the Commission and those of the merging parties on the effect of the merger on competition.
"Caxton argues that the merger is likely to substantially prevent or lessen competition in a number of markets and for this reason it ought to be prohibited," said the Competition Tribunal.