The relevant governance bodies of the company have unanimously decided not to engage in discussions based on the terms of a proposal from Mr. Patrick Drahi, it said.
Drahi’s bid priced Eutelsat at 12.10 euros per share, for “a potential transaction on all of the company’s share capital”.
The official announcement followed market rumours around a bid from Drahi. The Moroccan-born Israeli billionaire founded, and leads, the Netherlands-based company Altice.
Altice, which describes itself as “a provider of enterprise digital solutions” is best known as a telecom company, which recently acquired a 12% stake in BT.
In April 2021, Eutelsat Communications paid $550 million in cash for a 24% stake in the OneWeb satellite constellation owned by the UK government, Softbank and Bharti Global.
See also: Eutelsat chosen for European EGNOS GEO-4 positioning system