AMERICAS DISTRESS DAILY: Altice France Rejects Bid From Rivals

Billionaire Patrick Drahi’s telecom company Altice France rejected a €17 billion ($19.7 billion) bid from a trio of French phone carriers to take over and break up struggling operator SFR in a deal that would eliminate a major player from the market.

• The proposal was seen as a test of how open European regulators will be toward allowing mergers that reduce the number of players within a country to three.
• Altice France had recently undertaken a major financial restructuring, slashing the company’s debt by €8.6 billion in a deal reached with creditors in February.

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