Overview

• Bouygues Telecom, Iliad (Free) and Orange submitted a non‑binding proposal to acquire most of SFR’s telecom assets for €17 billion, proposing a 43%/30%/27% split.
• Altice France confirmed an immediate rejection of the offer in a message to employees from CEO Arthur Dreyfuss.
• The three bidders said they maintain the proposal and seek a constructive dialogue with Altice and its shareholders.
• Any deal would require financial and operational due diligence, consultations with employee representatives and competition approval that observers say could take many months.
• France’s economy minister pledged to be extremely vigilant about impacts on prices and service quality, while unions warned of thousands of potential job losses and have an appeal hearing set for November 4.