Vivendi receives GVT bids from Telecom Italia, Telefonica
PARIS Aug 28 (Reuters) - Vivendi said it received bids for its GVT Brazilian broadband unit from Telecom Italia and Telefonica, and that its supervisory board would examine the offers at a meeting on Thursday.
The Telecom Italia offer represents a total enterprise value of 7 billion euros ($9.24 billion) and includes 1.7 billion euros of cash, a 16 percent stake in Telecom Italia, and 15 percent of TIM Brasil, Vivendi said in a statement. It expires on Sept. 10.
The Telefonica offer represents a total enterprise value of 7.45 billion euros. It includes 4.663 billion euros in cash, a 12 percent stake in Telefonica Brasil, of which about a third can be exchanged for 5.7 percent of the share capital of Telecom Italia, Vivendi added. This offer expires on Aug. 29.
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