French mobile carrier Iliad is not giving up on its plans of acquiring T-Mobile.

The company is said to be revising its offer for a majority stake in the American mobile provider after its earlier bid of $33 per share was declined for being too low.

Iliad Chief Financial Officer Thomas Reynaud said that his company was trying to partner with private equity firms to make their bid more attractive.

"The offer we made is still pertinent but it could evolve, not specifically in terms of valuation, but on the percent of the capital," Reynaud said at a news conference.

Iliad put forth a $15 billion offer for a 56.6 percent stake in T-Mobile last month. The company, which itself only has $13 billion in market capitalization, has inspired doubts over its ability to raise funds for a possible deal. In its earlier offer, it said that it would pay for the purchase through $12.3 billion in debt and $2.7 billion in equity. The company pegged T-Mobile's overall value at $36.2 per share. As per Reynaud, if his company raised additional capital to fund a deal, it would not exceed two billion euros.

Deutsche Telekom, the parent company of T-Mobile, has opened the door to a possible deal as it continues to look for a way out of the US market. The company, which sees the American carrier as too small to dethrone rivals Verizon and AT&T, has indicated that it would be willing to enter negotiations if a bid breaches the $35 per share mark.

Deutsche Telekom has yet to receive a new proposal and it is not certain if a higher offer will ever come from Iliad. According to sources familiar with the matter, the company's senior managers set the $35 to $40 range as a reasonable offer to start negotiations.

"Our offer is still valid, and probably even more relevant than at the end of July," Reynaud said, referring to Sprint's recent withdrawal from merger talks with T-Mobile.

Sprint commenced a transition phase by naming new CEO Marcelo Claure and abandoning a possible deal with T-Mobile. The proposed merger was expected to run into trouble from regulators, who would likely opposed reducing the number of major wireless carriers in the country. 

Iliad, France's fourth-largest mobile provider, is similar to T-Mobile as it widened its market share by offering inexpensive plans. The company was founded by Xavier Niel, who also owns the French newspaper Le Monde and Monaco Telecom.