Bouygues increases SFR bid
March 13, 2014
Bouygues has boosted the cash portion of its offer for Vivendi’s SFR to €11.3 billion as it seeks to top a competing bid from cable billionaire Patrick Drahi that’s less likely to run into regulatory hurdles.
The construction and telco group led by Martin Bouygues said its revised proposal includes an additional €800 million in cash. Vivendi would get 43 per cent of the entity formed by a merger of SFR and Bouygues Telecom, compared with 46 per cent previously. Bouygues, which would gain a 52 per cent majority holding, said its bid values SFR at €15.5 billion excluding potential for cost savings and additional revenue, an increase of € 1 billion.
Drahi, who is bidding through his cable holding Altice and its Numericable unit, also submitted a modified offer on March 12th without revealing details. Altice last week offered €10.9 billion in cash and assets that together would value SFR at about €14.7 billion.