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Bouygues extends offer for SFR

Bouygues TelecomFrance’s Bouygues has extended its improved offer to acquire Vivendi-owned telco SFR until April 25 and has offered an indemnity payment of €0.5 billion in the event of a deal being blocked as it attempts to persuade the company’s owners not to sign a deal with rival bidder Altice/Numericable.

The Bouygues offer had been due to expire on April 8, just four days after the termination of Vivendi’s agreed three-week period of exclusive negotiations with Altice.

“Bouygues wishes to allow Vivendi the time to examine its offer in a calm and detailed manner, and to proceed with all the necessary discussions that such an important operation requires,” the company said.

Bouygues is offering €13.15 billion for SFR, which it says presents a better deal than the €11.75 billion on offer from Altice.

Bouygues is also offering to table an indemnity payment of €500 million in the event of France’s competition regulator blocking a deal between the pair.

Bouygues said the money would be paid to Vivendi if the competition authority blocked the deal or if Bouygues withdrew its offer because the remedies proposed by the regulator were too onerous.

The company said the move showed it was confident that the merger betweent Bouygues Telecom and SFR would secure a regulatory green light.