SFR: Shareholder group presses Vivendi to make public Bouygues offer
The sale of French mobile operator SFR to Altice could witness a new poker-style twist, according to the Journal du Dimanche. The French-language Sunday paper reported that DNCA Finance, a 1% shareholder in vendor Vivendi, has called for rival bidder Bouygues’ full proposal to be made public.
The item quote DNCA’s Jean-Charles Merieux’s allegation that the vendor operated in an opaque manner in opting to undertake exclusive talks with Altice, the bidding group linked to cable operator Numericable.
DNCA has mandated minority activist shareholder group Adam to contact the French conglomerate and request more information on the content of the Bouygues proposal. Other groups are likely to follow DNCA’s suit, the item said. Adam is hoping to bring on board up to 5% of the capital and call for an AG.
The JDD quoted an anonymous source close to the developments, who sensed reluctance for players to greenlight the Altice proposal without at least looking at the rival offer. The JDD also noted the possibility that Eric Knight might press for more clarity as well, without sourcing the suggestion.
The exclusivity period with Altice comes to a close on 4 April, as reported. However, the JDD noted the possibility that pressure from the French state as well as from activist shareholders could spark a reopening of the bidding process. Bouygues’ offer deadline is 8 April.
One unidentified observer suggested that Numericable might have to pony up more cash to stay in the game.
On 14 March, Vivendi announced sole talks for the Altice offer. The proposal comprises an EUR 11.75bn payment to Vivendi and a 32% share in the equity of the combined listed entity. It also provides Vivendi with pre-determined exit conditions.
Source Journal du Dimanche