Iliad SA shares dropped the most in seven months after the French carrier’s $15 billion bid for a stake in T-Mobile US Inc. increased the risk of a bidding battle with another suitor.
Deutsche Telekom AG considers the $33-a-share cash offer for a 56.6 percent stake in T-Mobile as not competitive and inferior to a separate bid planned by Sprint Corp., according to a person familiar with the matter. Masayoshi Son, the billionaire whose SoftBank Corp. owns Sprint, is said to be working on an offer of about $40 a share for T-Mobile.