PARIS-- Bouygues SA is set to imminently improve its offer for
Vivendi SA's French telecommunications provider, according to a
person briefed on the situation, reopening a bidding war that had
appeared to be closed when Vivendi selected a rival offer nearly a
week ago.
Bouygues is set to improve the cash component of its offer to
above EUR12.5 billion ($17.4 billion) from EUR11.3 billion
previously, as part of a proposal to merge SFR with Bougues's
telecom unit, the person briefed on the bid said.
Consequently, the percentage Vivendi would hold in the new
ensemble would drop significantly, the person added. Other
shareholders would also be added, the person said.
A new offer from Bouygues would mark a surprising twist in the
race for SFR. Vivendi said last Friday that it had decided to enter
exclusive talks with cable holding company Altice SA, rather than
Bouygues, for the sale of the unit. It said the exclusive talks
would last three weeks.
A person familiar with the matter said Vivendi had not yet
received the offer and it was unclear if it could entertain a new
bid before April 4.
Write to Sam Schechner at sam.schechner@wsj.com and Ruth Bender
at Ruth.Bender@wsj.com
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