Telecom Italia issued a press release following the convening of the extraordinary board of directors, which took place this afternoon to examine the “expression of interest” on the entire group received from the American fund Kkr.
Thus the press release from the telecommunications group led by Luigi Gubitosi, confirming the fund’s intention to launch a takeover bid on TIM.
The nature of the proposal, it is reported in the note, is currently “non-binding and indicative”.
“The Board of Directors of TIM SpA (‘TIM’), which met today under the chairmanship of Salvatore Rossi, took note of the intention of Kohlberg Kravis Roberts & Co. LP (‘KKR’), currently ‘non-binding and indicative’ (‘non-binding and indicative’), to carry out a possible transaction on TIM shares through a public purchase offer on 100% of the Company’s ordinary and savings shares, aimed at delisting (the ‘Expression of Interest’) “.
The press release continues: “The Expression of Interest, as mentioned as non-binding and based on information in the public domain, would be subject to the condition that the minimum membership threshold of 51% of the share capital of both share categories is reached. Interesse has been qualified by KKR as ‘friendly’ and aspires to obtain the approval of the Company’s directors and the support of the management. At present, it is conditional, among other things, on the performance of a confirmatory due diligence with an estimated duration of four weeks, as well as to the approval of the relevant institutional subjects (‘key government stakeholders’ – the Company is subject to the special powers, so-called Golden Power, of the Government Authority). The price indicated by KKR in the Expression of Interest, to be paid entirely for cash – to be considered at present, as well as not binding, even purely indicative – would be equal to Euro 0.505 per ordinary share or resp. armio “.