Vivendi executives have said the company is unlikely to sell its stake.

In September, French securities regulators seized documents, including letters and e-mail messages sent and received by senior Vivendi executives.

Senior Vivendi executives said yesterday that Mr. Bronfman was welcome to return, but that he might have to soothe some bruised feelings.

Nevertheless, the group has started a due-diligence examination of the entertainment properties and has met with Vivendi executives, who are also talking to the other potential bidders.

A board member of Deutsche Equities, the bank that handled the share buyback, and three former Vivendi executives have already been placed under formal investigation.

But because of Mr. Diller's reputation as a shrewd negotiator, Vivendi executives are nervous about coming out on the short end of any deal.

In September, French securities regulators, who began their inquiry in July, seized documents sent and received by senior Vivendi executives.

"He made us feel good," said one Vivendi executive in the United States.

Vivendi executives declined to comment.

Vivendi executives do not see the liquor business as part of the company's future and plan to sell all of it, or at least a stake in it.