Eutelsat, a provider of satellite services in North America, South America, Europe, Asia and Africa, rejected the takeover bid from Patrick Drahi, founder of Altice Europe. As revealed by the company, the “unsolicited” proposal of USD 14.02 per share was rejected for “unfavorable conditions” and for being “too low“.

It was also explained that the company “have unanimously decided not to engage in discussions on the basis of the terms of this proposal“. On the other hand, the international news agency Reuters reported that Drahi was seeking to acquire Eutelsat through one of its investment companies and keep it separate from its assets of other telecommunications and media companies.

Lately, the company that operates with a fleet of 36 satellites invested USD 550 million in another satellite communications company, OneWeb. In addition, its UK unit became BT Group’s largest shareholder, after acquiring a 12.1% stake last June.