(Telecompaper) French media and telecom group Vivendi's supervisory board has examined the two offers received from Altice and Bouygues for its mobile and broadband operator SFR.
The supervisory board has now decided to enter into exclusive negotiations with Altice for a period of three weeks. It considers this offer to be the most pertinent for the group's shareholders and employees, with the opportunity for effective execution.
Vivendi said the offer also achieves its objective to rapidly become a leading European media and content player and develop SFR as a dynamic leader in high speed fixed and mobile telephony.
The Altice offer comprises an EUR 11.75 billion payment to Vivendi and a 32 percent 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.