Iliad will either improve or drop its bid to buy T-Mobile by mid-October, according to Reuters.

The French carrier is reportedly in talks with several U.S. banks and existing lenders HSBC and BNP Paribas to improve its $33 per share bid for 56.6 percent of T-Mobile.

Deutsche Telekom, which owns 67 percent of T-Mobile, rejected the initial bid and reportedly has doubts about Iliad’s ability to improve on its original offer.

Iliad is reportedly speaking with private equity firms about raising an additional $5 to $6.5 billion for a revised bid at a T-Mobile stake ranging from 60 to 90 percent valued at $35 to $40 a share.

A Bloomberg report from earlier this month suggested Iliad was looking for a U.S. partner to go in on its bid for T-Mobile. That same report said DT officials were looking for a minimum bid of $35 per share.

Iliad’s current bid for T-Mobile was the only offer on the table after Sprint and SoftBank pulled back in their reported pursuit of a merger with T-Mobile. Sprint, now under the leadership of new CEO Marcelo Claure, has renewed its focused on instituting competitive prices in the U.S. market. But the carrier did not rule out the importance of consolidation down the road.