Eutelsat has rejected an unsolicited takeover offer from Drahi based on the terms of his proposal.
Paris-based satellite operator Eutelsat Communications has publicly announced that it has declined an unsolicited, preliminary and non-binding proposal from telecommunications tycoon Patrick Drahi to buy out the company.
The relevant governance bodies of Eutelsat Communications have unanimously decided not to engage in discussions based on the terms of his proposal, a release from Eutelsat said.
The Franco-Israeli businessman and founder of cable and mobile telecoms company Altice had no plans to merge Eutelsat with his telecom and media assets and was looking to keep the French firm within a separate holding company, according to a report in Reuters.
Reuters earlier reported that Drahi had made a bid approach for Eutelsat and held talks with its top investors including state-backed Bpifrance, which has a 20% stake in the company.
Drahi recently took a 12.1% stake in UK telecoms BT Group, making it the British companys biggest shareholder.