Telefonica Tops Vivendi Bid, Offers $3.7B For GVT

Law360, New York (October 7, 2009, 6:47 PM EDT) -- Outdoing an earlier bid by France’s Vivendi SA, Spanish telecommunications company Telefonica SA has made a $3.7 billion cash offer for Brazil-based telecom services provider GVT Holding SA.

Telefonica’s Brazilian fixed-line phone subsidiary, Telesp, proposed Wednesday to purchase GVT for 48 reais ($27.20) per share in a move to grow its presence in the Brazilian market and align itself with a business that has a similar strategy. The offer came after Vivendi put up a bid for the small firm in September for 42 reais ($24.02)...
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