The shock waves sent out by the launch of Free Mobile services in 2012 continue to reshape the French telecoms industry. Two groups, Altice and Free’s owner Iliad, are battling to dominate the emerging quad play market and disrupt incumbent Orange, and the by-product has been a vicious mobile price war. Altice has already acquired the country’s second MNO, SFR, and has now made an offer for the third one, Bouygues Telecom. However, on Tuesday, Bouygues’ board unanimously rejected Altice’s unsolicited offer to acquire its telecoms subsidiary and insisted this was well placed to continue to compete on its own. This looks like an attempt to provoke a better offer, or a rival bidder (perhaps a revival of old merger…