The board of French media conglomerate Vivendi has given the green light to proceed with an offer for GVT, the Brazilian telecommunications company said on Monday.
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, which valued the Brazilian broadband and telecoms company at about $2.88 billion. This month, Spain's Telefonica countered with an unsolicited offer of $3.7 billion, setting the stage for a potential bidding war.
Oct 19, 2009
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