(RTTNews) - French Telecom company Iliad S.A, Wednesday announced that telecom major Vodafone Group plc (VOD) had rejected its revised proposal for the merger of iliad Italia and Vodafone Italia into a new entity.
Following this news, Vodafone shares are trading down around 4 percent in pre-market activity.
Previously, Iliad S.A. had made a merger proposal to Vodafone on December 18.
The terms of the revised merger proposal include a 50/50 merger through the creation of NewCo, and Vodafone to get cash proceeds of 6.6 billion euros and 2 billion euro of shareholder loan.
Illiad in turn will get 4 billion euros of cash proceeds and 2 billion euros of shareholder loan. The company removed call options from the proposal.
In pre-market, Vodafone shares are trading at $8.51, down 3.84% on the Nasdaq.