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France: Altice stands by Bouygues Telecom offer

 |  June 25, 2015

Billionaire Patrick Drahi’s Altice SA said Bouygues SA never asked for more details about its bid for Bouygues Telecom that’s worth at least 10 billion euros ($11 billion) before rejecting it.

The rebuffed offer included 9 billion euros in cash payable at completion of the transaction, and an additional 1 billion euros either in shares of Numericable-SFR — Altice’s French unit — or in cash payable three years later, Alice said in a statement Thursday, for the first time giving financial details of its proposal to acquire France’s third-largest mobile-phone company.

The offer was fully financed with the help of BNP Paribas, JPMorgan Chase & Co. and Morgan Stanley, Altice said. It included 3.5 billion euros to 4 billion euros in bank debt and the remainder comprising existing cash, Numericable-SFR shares and proceeds from asset sales, it said.

Altice didn’t say in the release whether it plans to improve its bid.

Full content: The Wall Street Journal

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