As part of its new proposal, GE will form three new joint ventures with Alstom, and sell the company its signaling business for an undisclosed amount, CNBC reports.
The new deal will not affect GE's original $17 billion bid on the business.
Germany's Siemens AG (SIEGY) made an offer for Alstom after the government stepped in and halted GE's purchase, but France wanted both companies to improve their bids.
Alstom's board is expected to vote on a proposal before the June 23 deadline, CNBC said.
Shares of GE are up 0.45% to $26.79 on Thursday morning.
Separately, TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."