Twist of theater: SFR does not sell, the 17 billion offer “immediately rejected”

Less than 24 hours. This is the time it took Patrick Drahi to slam the door in the face of Orange, Free and Bouygues Telecom, who filed Tuesday evening a joint offer of 17 billion euros to buy most of SFR’s activities.

Wednesday morning, Arthur Dreyfuss, CEO of Altice France, announced to employees in an internal message: “We confirm that we received an indicative offer yesterday evening for part of the assets of Altice France. This offer was immediately rejected.” A dry, brutal refusal, without additional explanation. On the side of the three contenders, the reactions remain just as laconic. Bouygues Telecom indicates that it has “taken note” of the rejection, Orange claims to have “taken note” of this decision. Neither group wanted to comment further. Free, the third thief, remains silent.

Several hypotheses are circulating to explain this categorical refusal. As of Tuesday, the bank UBS had warned that the repurchase price of 17 billion euros was “just short” of the average valuation of the sector. Sources close to Altice recall that the creditors entered the capital on the basis of a valuation of 28 billion euros, far from the 17 billion proposed. Does Drahi want to up the ante?

The blockage could also be political. The Minister of the Economy Roland Lescure declared this Wednesday on RTL : “I will be extremely vigilant about this operation (…) I will be vigilant about two things, the impact on consumer prices and the impact on the quality of service.” A position which could cool the enthusiasm of takeover candidates.

The pressure remains intact. Altice’s creditors, who now hold 45% of the capital, expect rapid debt reduction. And their ultimatum still stands: if SFR is not sold by the end of 2027, Drahi could lose control of his empire. The soap opera has only just begun.