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Iliad has set a mid-October deadline to make a decision about its bid for T-Mobile, according to a report out today from Reuters.  The little-known French telecom company surprised some when it emerged as potential suitor for T-Mobile, the fourth largest carrier in the U.S.

Deutsche Telekom, which owns 67 percent of the Bellevue-based U.S. carrier, said last month that it was interested in entertaining offers that value T-Mobile at $35 per share or more — that’s slightly above the $15 billion acquisition offer ($33 per share) the French carrier previously made. Iliad’s original $15 billion proposal was for 56.6 percent share of T-Mobile, a deal that was rejected.

Reuters reports that Iliad is in talks with U.S. banks — as well as private equity firms such as KKR — about financing an improved offer for T-Mobile.

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