SAO PAULO, Oct 19 (Reuters) - The board of French media conglomerate Vivendi (VIV.PA) has given it the green light to proceed with an offer for Brazil’s GVT GVTT3.SA, the Brazilian telecommunications company said on Monday.
On Sept. 8, Vivendi launched a tender offer for 100 percent of GVT’s capital at 42 reais a share, which valued the Brazilian broadband and telecoms company at about $2.88 billion.
This month, Spain’s Telefonica (TEF.MC) countered with an unsolicited offer of $3.7 billion for GVT, setting the stage for a potential bidding war.
GVT said it did not know if Vivendi would formalize its offer, or what the terms of that bid would be.
Reporting by Todd Benson, editing by Dave Zimmerman