Tim, Board of Directors approves transfer of network to KKR: 11 directors vote yes. No assembly

The board approved the sale to the US fund without the decision having to go through an extraordinary meeting or a consultative meeting

Tim’s board of directors which has just concluded, according to what we learn, gave the green light to the sale of the network to the US fund KKR. The OK arrived with 11 votes in favour. This is a result that exceeds the wildest expectations. The board approved the sale without this decision having to pass the vote of either an extraordinary meeting or a consultative meeting.

Today’s Board of Directors concludes a long weekend. Friday’s meeting of the board of directors focused on the studies carried out by the advisors regarding the adequacy of the offer with respect to the value of the assets and the sustainability of the structure that the transfer of the network will entail and, that is, the future of ServiceCo.

On Saturday, however, the board which had adjourned addressed the other crucial legal issues on which corporate body is competent to decide. Tim’s advisors were present at Saturday’s board meeting. Responding to the directors’ questions were the financial advisors Goldman Sachs, Mediobanca, Lion Tree, Equita and Vitale with their fairness opinions on Kkr’s offer.

For the legal aspects, the group’s consultant Francesco Gatti was there. Then there were the jurists who expressed their opinions on the issue relating to the corporate bodies that must decide on the operation, Piergaetano Marchetti and Andrea Zoppini, and there are the jurists who expressed their opinions on the question of correlation as a related party of the Mef.