Altice does not plan to change its offer for French number-two operator SFR, despite Bouygues Telecom upping its rival bid last week, The Wall Street Journal reported.

SFR parent Vivendi elected to make its talks regarding an acquisition of SFR exclusive to Altice more than a week ago, after Bouygues launched a competing bid.

Vivendi said these talks would last three weeks, with the board due to meet at the end of the period to decide whether to proceed with the Altice offer.

However Bouygues tabled a bid of €13.15 billion late last week, compared with the €11.3 billion offered previously. However, the new offer will give Vivendi a much smaller stake in the combined company — 21.5 per cent versus the previous 43 per cent.

Altice offered €11.75 billion for SFR, leaving Vivendi with a 32 per cent stake.

Altice is believed to be looking to complete with deal by 4 April when the exclusive negotiations expire. A source said a final agreement between Vivendi and Altice is unlikely before this date, with the improved offer from Bouygues being considered.

The new offer from Bouygues is valid until 8 April, according to a company spokesman, while it could mean Altice has to make more concessions in its negotiations with Vivendi.

The Bouygues approach is likely to face greater regulatory scrutiny due to the fact it is already a mobile operator, unlike Altice, which owns French cable operator Numericable.

In addition, if Vivendi begins talks with Bouygues before 4 April and signs a deal with the operator, Altice could potentially seek damages, according to David Boitout, an associate at law firm Gide Loyrette Nouel quoted by The Wall Street Journal.

The latest Bouygues offer has political backing from the Caisse des Depots et Consignations (CDC), as well as the Pinault family, which controls JCDecaux Holding, an existing Bouygues Telecom shareholder.

Bouygues’s offer has also garnered political support from the government with favourable comments from industry minister Arnaud Montebourg.