(Telecompaper) French conglomerate Bouygues has submitted an improved offer to Vivendi for SFR. Bouygues lifted its offer by EUR 1 billion, of which EUR 800 million in cash, to a total EUR 11.3 billion in cash and a 43 percent interest in the new entity. This new offer values SFR at EUR 15.5 billion pre-synergies and at nearly EUR 20 billion after factoring in all the synergies, Bouygues said. Under the improved offer, Bouygues' interest in the new entity would be 52 percent versus 49 percent in the previous offer. An IPO of the new company is planned as soon as the merger is completed, offering Vivendi an immediate opportunity to monetise its interest.