The offer expires on November 8, it will now be analyzed and brought to the Board of Directors
Tim received the binding offer on NetCo from KKR today 16 October 2023, relating to Tim’s fixed network activities, including FiberCop. A note from the group communicates this. In relation to the shareholding held by Tim in Sparkle, we read in the note, Kkr has formulated a new non-binding offer, waiting to proceed with the transmission of a binding offer within 4/8 weeks, at the end of the ongoing due diligence activities , requesting an exclusivity period until December 20th.
The offer on NetCo expires on 8 November 2023, without prejudice to the possibility of discussing the terms of further extensions until 20 December. As soon as the analysis is completed, the binding offer will be brought to the Board of Directors for examination without delay, the note concludes.
Giorgetti: “Closing the offer was very complicated”
”Closing the offer for Netco was very complicated in the procedure”. Now ”the proposal is on the table, Tim’s issue is complex, the decision will be up to the Board of Directors and the assembly”, says the Minister of Economy, Giancarlo Giorgetti, during the press conference held at Palazzo Chigi after the green light for Maneuver 2024.
If KKR’s proposal for the acquisition of a share in Netco is not accepted, ”something different will be thought of”, he adds. The decision will be taken by the Board of Directors and the assembly, therefore ”I will not go into these aspects” and also ”the subsequent phases, in the event of acceptance of the proposal, will be very complex”, underlines the minister. ”This government, regarding the gangrenous events, has moved and made proposals, let’s now see the final outcome, especially if the proposal is accepted”.
”We are not holding back, even on delicate and sensitive matters we will take the decisions we have to take with the attitude that the ministry had for the budget law and privatizations” with ”great seriousness”, he underlines.