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Provider : Reuters Investment Profile
Provider : Wright Reports

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Vivendi's Supervisory Board approves Altice and Numericable offer for SFR

Monday, 7 Apr 2014 01:23am EDT 

Numericable Group SA:Vivendi's Supervisory Board issued decision in favor of Altice/Numericable offer for SFR.With new reciprocal exclusivity agreement agreed, two groups are to consult their employee representatives and initiate procedures to obtain necessary authorizations from appropriate administrative authorities.Vivendi to receive 13.5 billion euros in cash and 20 pct of combined SFR-Numericable as well as potential earn-out of 750 million euros.Vivendi to have possibility of selling its 20 pct stake at later stage.Altice to hold ultimately 60 pct of new entity, with final 20 pct as free-float.New SFR-Numericable group to remain headquartered in France and listed on Paris stock exchange. 

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0.165 +0.37%
11:38am EDT