Vodafone has given French media giant Vivendi until 10 December to decide whether to accept its €6.7bn (£4bn) offer for Vivendi's 44 per cent of mobile operator Cegetel.
The latest bid is the same as the one dismissed last week by the French company as being "too low".
The new timetable, agreed by Cegetel shareholders, also grants Vivendi three weeks from 21 November to 10 December to decide whether to make a bid to rival Vodafone's €6.1bn (£3.9bn) offer to buy BT's and SBC's holdings in Cegetel, according to a Vodafone statement.
Vivendi has rights which give it first refusal over the Cegetel stakes owned by the two other shareholders.
The move comes as Vivendi continues negotiations with a consortium of 11 banks to help finance a bid to match Vodafone's approach to BT.
Although Vivendi is weighed down by debts incurred during the dotcom boom, it sees Cegetel as one of its few profitable businesses.
Cegetel owns 80 per cent of SFR, France's second largest mobile phone operator. Vodafone owns the remainder.
Without Cegetel, Vivendi would be at risk of losing its French identity as most of its interests would be in the US entertainment sector.
But many investors would like Vivendi to accept the bid to alleviate its €20bn (£16.5bn) debt. Vodafone said the sale would reduce Vivendi's debt by €7.2bn (£4.2bn).
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