Vodafone Group today revealed that it has rejected a bid from Iliad S.A. and Apax Partners to acquire Vodafone Italy.

Vodafone Group confirmed it recently received a preliminary, non-binding indication of interest from Iliad and Apax Partners to acquire 100 percent of Vodafone Italy. Vodafone Italy did not reveal the financial details of the bid.

Vodafone confirms it has rejected the Preliminary Indication of Interest, as it is not in the best interests of shareholders.

The management of Vodafone focused on delivering shareholder value via a combination of its organic growth strategy over the medium-term and ongoing portfolio optimisation. Vodafone continues to pragmatically pursue several value accretive in-market consolidation opportunities to deliver sustainable market structures in its major European markets, including Italy.