Bouygues Locked Out of Talks to Buy France's SFR
Published on: 15th Mar 2014
By: Ian Mansfield
France's Vivendi has decided to enter into exclusive talks with Altice Numericable that could see it selling its SFR mobile network to the cable operator.
Vivendi said that it considers the Altice/Numericable offer to be the most pertinent for the Group's shareholders and employees, with the opportunity for effective execution.
The talks are exclusive for three weeks, and if a deal is not agreed, then that could give Bouygues Telecom an opportunity to make another bid for the company, but realistically, they are likely to have lost out on the opportunity.
The Altice offer comprises an EUR11.75 billion payment to Vivendi and a 32% share in the equity of the combined listed entity. It also provides Vivendi with pre-determined exit conditions.
At the end of the three weeks, the Supervisory Board will meet again to examine the next steps and to decide if it should put an end to the other options envisaged.