Another small step towards 90%. Poste Italiane he bought on the market another 1% of Tim, rounding up the share already held at the end of the takeover bid and approaching the threshold of squeeze out, the mechanism that would allow it to force minority shareholders to sell their shares to it and then initiate the delisting of the Telecom Italia title, which today at Piazza Affari is advancing by 1,26% to 6,655 euros.
Poste buys Tim shares
The group led by Matteo Del Fante has taken over the market about 1% of Tim. Taking into account that at the end of the takeover bid Poste Italiane had already risen to 85,82%, his shareholding rises to 86,952% of the telecommunications company.
The total outlay was 159 million euros. The purchase price remained between €6,577 and €6,624. Poste therefore took advantage of Tuesday's sharp decline in stock prices and the natural decline in the share price following the conclusion of the offer, buying additional shares on the market. And it did so while respecting the the best price rule, The rule stipulates that the company would have to pay the difference to all shareholders who agreed to the transaction if, in the six months following the completion of the tender offer, it purchased TIM shares at a price higher than €6,65, the offer price set at the time of its announcement. And the impact would be far from negligible: considering that more than one billion shares were purchased through the offer, every cent paid above that threshold would cost Poste Italiane more than €10 million, regardless of the number of shares subsequently purchased.
The squeeze out is approaching
With the latest purchase, missing just over 3% to reach the 90% threshold which would trigger the squeeze out mechanism by which minority shareholders would be forced to sell their shares to Poste Italiane, paving the way for the delisting of the Tim stock and accelerating the integration of the two groups.
Meanwhile, on Wednesday 30 September, the board of directors led by Del Fante has The regulation for the exercise of management and coordination over Tim has been approved and its subsidiaries. The transition was also formalized by TIM's board, which acknowledged the formal start of management and coordination by Poste Italiane and implemented the operating regulations approved by the parent company. With the new structure,to management and coordination They will be exercised by the Board of Directors, the CEO, and the General Manager of Poste Italiane. The company will also have full visibility over TIM's main activities and initiatives and will be involved in the preventive evaluation of transactions of greater strategic importance – including material transactions – without prejudice to Tim's legal autonomy and its subsidiaries, also to protect minority shareholders.
