Vodafone To Vivendi: Take It Or Leave It

Vodafone is presenting Vivendi with an ultimatum by resubmitting its 6.77 billion euro offer for Vivendi's 44 percent stake in Cegetel. Vivendi rejected an earlier bid of the same amount saying the bid did not reflect the value of the assets. But Vodafone isn't having any of that, they are leveraging Vivendi's high debt and sticking to their original offer. According to Reuters, Paris-based analyst don't expect Vivendi to cave so easily. There is talk of a joint offer with Belgacom to get Vodafone to raise its offer. In the end Vivendi is going to have to let Cegetel go, it's just a matter of how much of their debt a deal will help them cut. Of course the FT conspiracy theory that could still play out.

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