Bouygues Telecom has rejected a 10 billion euro ($11.3 billion) acquisition bid by Altice, ending, for the moment, both a major consolidation of the French mobile market, a reshuffling of market share leadership, and a decision by regulatory officials to approve or deny the market-reshaping deal.
The latest refusal is the third rebuff of an acquisition big by Bouygues over the last 12 months.
Altice, owner of mobile operator Numericable-SFR, has bought four companies in the past 18 months.
The 10 billion euro price tag valued the telecom business unit as much as the entire Bouygues group before the offer was made public.
Also, Bouygues was offered just 5.5 billion by Orange and Iliad, and eight billion euros by Altice itself.