UPDATE 1-Vivendi still eyeing GVT after poison pill move

* Vivendi still monitoring GVT situation- source

* Vivendi declines comment on GVT, NBCU

* Vivendi confident GE will be flexible on NBCU - report

* Shares up slightly, underperform French blue-chip index

(adds details, NBCU)

By Dominique Vidalon

PARIS, Nov 4 (Reuters) - French media group Vivendi, which made an offer to buy Brazilian telecommunications group GVT in September, is still monitoring the situation despite an apparent set-back to a bid, a source close to the matter told Reuters.

"We are reviewing the matter," the source said on Wednesday.

Vivendi (VIV.PA) would not comment on its plans after GVT (GVTT3.SA) shareholders on Tuesday unanimously removed a poison pill clause that was an obstacle to any takeover. But they set a minimum bid price that is above what Vivendi put on the table.

GVT is now the target of an unsolicited $3.7 billion bid by the Brazilian unit of Spain's Telefonica (TEF.MC) and a friendly $3 billion approach by Vivendi.

Both suitors had made the removal of the poison pill a precondition to their bids.

Last month, the Paris-based company cmpleted due diligence for the transaction and won approval from its board to proceed with an offer for GVT. Vivendi has yet to formalise its offer.

Vivendi, which owns Maroc Telecom (IAM.CS) and France's second-biggest mobile phone operator SFR, has targeted GVT as part of its plans to expand in fast-growing emerging markets.

On Sept. 8, Vivendi launched a tender offer for 100 percent of GVT's capital at 42 reais a share. Last month, Spain's Telefonica countered with an unsolicited offer of 48 reais, setting the stage for a potential bidding war.

Most analysts doubt that Vivendi will seek to trump Telefonica's offer. [ID:nL8138483]