The Telecom Italia offer represents a total enterprise value of 7 billion euros ($9.24 billion) and includes 1.7 billion euros of cash, a 16 percent stake in Telecom Italia, and 15 percent of TIM Brasil, Vivendi said in a statement. It expires on Sept. 10.
The Telefonica offer represents a total enterprise value of 7.45 billion euros.
It includes 4.663 billion euros in cash, a 12 percent stake in Telefonica Brasil, of which about a third can be exchanged for 5.7 percent of the share capital of Telecom Italia, Vivendi added. This offer expires on Aug. 29.
The two offers also include proposals for content partnerships, Vivendi added.