French conglomerate Bouygues has maintained the validity of its acquisition offer of 12 March for operator SFR, in response to requests from certain unnamed Vivendi shareholders. This offer gives Vivendi a larger interest in the new SFR-Bouygues Telecom entity and therefore a greater share of the resulting synergies and value creation. Under this offer, Vivendi would receive EUR 11.3 billion in cash and a 43 percent interest in the new entity. Bouygues has made a commitment to facilitate the liquidity of Vivendi's interest in the combined entity. In particular, Vivendi is guaranteed against any fall in the value of its remaining equity interest below EUR 3.3 billion, down to EUR 2.3 billion.
Meanwhile, Bouygues' sweetened offer of 20 March also continues to be valid. It has a cash element of EUR 13.15 billion and gives Vivendi an interest of 21.5 percent in the new entity. As reported previously, the offers remain valid until 25 April. French cable operator Numericable's parent company, investment fund Altice, is also vying for SFR.
