Bouygues Says Its Earlier Offer for Vivendi’s SFR Remains Valid

Apr 02, 2014 2:59 am ET

April 2 (Bloomberg) -- Bouygues SA, which is competing with billionaire Patrick Drahi to acquire Vivendi SA’s SFR unit, said an earlier version of its proposal remains valid along with a subsequently revised offer.

In a statement today, Bouygues said its March 12 bid, made up of 11.3 billion euros ($15.6 billion) in cash and a 43 percent stake in the entity created from a merger of SFR with Bouygues Telecom, as well as a revised proposal giving Vivendi 13.15 billion euros in cash and a 21.5 percent stake in the new company, are both valid through April 25.

“Vivendi will therefore be able to choose the option it considers the most satisfactory,” Paris-based Bouygues said.

Vivendi last month picked Drahi’s Altice SA over Bouygues for talks to sell SFR. A three-week exclusivity period for Vivendi and Altice to reach an agreement expires on April 4. Altice offered 11.75 billion euros in cash plus 32 percent of the entity created by combining its Numericable Group with SFR.