Kohlberg Kravis Roberts & Co. LP presented Tim with a “non-binding and indicative” expression of interest for a takeover bid on 100% of the shares “aimed at delisting”. The indicated price to be paid entirely in cash “would be € 0.505”, as stated in a note issued at the end of the Board of Directors
Kkr presented Tim with a “non-binding and indicative” expression of interest for a takeover bid on 100% of the shares “aimed at delisting”. The indicated price to be paid entirely in cash “would be € 0.505”, as stated in a note issued at the end of the Board of Directors. Before launching the bid, Kkr wants to “carry out a confirmatory due diligence with an estimated duration of four weeks”. The expression of interest is bound to this and also “to the approval of the relevant institutional subjects”, or to the opinion of the Government which has the possibility of exercising Golden Power over the company.
Tim’s note
“The Board of Directors of TIM, which met today under the chairmanship of Salvatore Rossi, – it is written in the press release of the company – has taken 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, as mentioned non-binding and based on information in the public domain – continues the note – would be subject to the condition of reaching the minimum membership threshold of 51% of the share capital of both share categories”. “The Expression of Interest was qualified by Kkr as ‘friendly’ and aims to obtain the approval of the directors of the Company and the support of the management. It is currently conditional, among other things, on the performance of a confirmatory due diligence. estimated in four weeks, as well as to the satisfaction 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 in cash – to be considered at the state, as well as not binding, even purely indicative – would be equal to Euro 0.505 per ordinary share or savings “.
Mef: Government takes note, positive interest for the country
“The Government takes note of the interest in Tim shown by qualified institutional investors”, the Ministry of Economy and Finance said in a note, in which it adds: “The interest of these investors to make investments in important Italian companies is a positive news for the country. If this should materialize, the market will first assess the solidity of the project “. “The Government will carefully follow the developments of the expression of interest and will carefully evaluate, also with regard to the exercise of its prerogatives, the projects that affect the infrastructure”, affirms the Mef. “The Government’s objective is to ensure that these projects are compatible with the rapid completion of the ultra-broadband connection, as set out in the National Recovery and Resilience Plan, with the necessary investments in the development of the infrastructure, and with the safeguarding and employment growth, “he adds. “It was considered that the various aspects of the affair were followed by a Working Group made up of government representatives who hold the institutional skills mainly involved, as well as administrations and experts”, affirms the Ministry of Economy and Finance. “Tim – it is recalled in the note – is the largest telephony operator in the country. It is also the company that holds the most significant part of the telecommunications infrastructure”.
Source-tg24.sky.it