Bouygues has extended from 8 April until 25 April the deadline for its latest offer for SFR, as it seeks to unseat rival bidder Altice from its prime position.

The French conglomerate said it has extended its offer, which was first made on 20 March, “to allow [SFR owner] Vivendi the time to examine its offer in a calm and detailed manner, and to proceed with all the necessary discussions that such an important operation requires”.

Vivendi is currently heading towards the end of a three-week exclusivity period for negotiations with rival Altice, which owns French cable operator Numericable. This period runs until 4 April.

In addition, Bouygues said it would pay a break-up fee of €500 million if the regulatory authorities do not approve the merger between itself and SFR, or if Bouygues were to withdraw its request for approval because the regulatory conditions were too onerous.

“This pledge underlines Bouygues’ confidence that it will be able to obtain all the regulatory approvals,” said the statement.

Bouygues’s 20 March offer includes €13.15 billion in cash and a 21.5 per cent stake in the merged entity of SFR-Bouygues.  This is a higher cash element than rival Altice but lower equity.

The addition of a €500 million break-up fee is intended to show Vivendi that Bouygues is confident of gaining regulatory approval, the stumbling block to its bid in Vivendi’s eyes.

Vivendi favours Altice’s offer because it represents a smaller regulatory headache and a quicker exit from the enlarged entity but would like Altice to narrow the difference with Bouygues pricewise, according to sources contacted by Bloomberg.