Vivendi SA has asked Bouygues SA and Altice SA, the competing bidders for its French phone unit SFR, to submit final offers by tomorrow, giving them a chance to improve their terms, people familiar with the matter said.

Cable tycoon Patrick Drahi and Bouygues, the construction- to-media conglomerate led by Martin Bouygues, each put in a binding bid last week valued at about $20 billion, excluding synergies with their own cable and wireless assets. Altice, the cable holding company through which Drahi controls Numericable SA, said today its offer includes 10.9 billion euros ($15.1 billion) in cash and Numericable shares that would account for 32 percent of a combined entity with SFR.

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