Patrick Drahi, owner of French company Altice, made a takeover approach to satellite operator Eutelsat, whose governing bodies have unanimously decided to reject. In a short statement, the company said that it would not be entering into talks on the proposed terms of the unsolicited takeover bid.
The announcement was in response to a press report about the approach. Two unnamed sources familiar with the matter told Reuters that Drahi's proposal was turned down as the price was deemed too low, but talks remained active.
According to Bloomberg's sources, the bid valued Eutelsat at about EUR 2.8 billion. A person familiar with the matter said Drahi offered earlier this month a price of EUR 12.10 per share for the company.
