Vivendi will now enter into negotiations with Altice, the main shareholder of cable operator Numericable, for three weeks.
Vivendi said its board “considers [Altice’s] offer to be the most pertinent for the group’s shareholders and employees, with the opportunity for effective execution.The offer also achieves Vivendi’s 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.”
Altice has offered €11.75 billion to Vivendi and a 32% share in the equity of the combined company. Vivendi has also been provided with pre-determined exit conditions.
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