Iliad S.A, a French telecommunications firm, disclosed on Wednesday that its latest merger proposal to combine Iliad Italia and Vodafone Italia into a single entity was turned down by the telecommunications giant Vodafone Group plc (VOD). Consequently, in pre-market activity, Vodafone's share prices are experiencing a roughly 4 percent decrease.
Prior to this, on December 18, Iliad S.A. had approached Vodafone with an initial offer for a merger.
Revised merger agreement involved the establishment of a new company, NewCo, through a 50/50 merger. In this proposed deal, Vodafone was to receive cash proceeds worth 6.6 billion euros and a shareholder loan of 2 billion euros. Iliad, on the other hand, was to earn cash proceeds amounting to 4 billion euros along with a 2 billion euros shareholder loan. It's crucial to note that the pitch no longer includes call options.
Vodafone's shares, trading on Nasdaq, are valued at $8.51 in pre-market activities, marking a decrease of 3.84%.
