Inwit's board of directors has given the go-ahead for the merger with Vodafone Towers, which will be incorporated into Inwit. After the transaction, Tim and Vodafone Europe will hold an equal stake (37,513%) in the share capital of Inwit.
The BoD also announced the distribution of an extraordinary dividend of €0,5936 per share.
The two proposals will be examined by the shareholders' meeting scheduled for 19 December.
INWIT "will implement the merger through the cancellation without exchange of the minority stake in Vodafone Towers – reads a note – cancellation of Vodafone Europe's stake in Vodafone Towers and assignment to Vodafone Europe, on the effective date of the merger, of 360.200.000 ordinary shares of Inwit, with no expressed nominal value, issued to service the exchange ratio and which will be listed on the MTA like the ordinary shares of Inwit already outstanding. The exchange ratio for the merger - which does not provide for cash adjustments - therefore corresponds to the aforementioned 360.200.000 newly issued ordinary shares of Inwit, attributed to Vodafone Europe against the cancellation of the residual stake held by the same in Vodafone Towers after completion of the sale of the Minority Stake in Vodafone Towers”.
