Almost on the wire, Poste Italiane gains control of TimWhat makes the difference is the acceleration on the last day of the public purchase and exchange offer, which closed on Friday 11 September. According to the provisional results, adding the shares delivered by investors to the stake already held, the group led by Matteo Del Fante will reach 66,627% of the telephone company's capital.
A share that clearly consolidates the majority of Poste, while remaining just below the two-thirds threshold, which the group had renounced as a condition for the operation to be effective. And the game isn't over yet. After the payment scheduled for September 18th, Shareholders will have another window to opt-in.
Poste Italiane's takeover bid for TIM: the turning point in the latest session.
Il the result was built especially in the final hoursOn Friday alone, 635.897.378 TIM shares were tendered, out of a total of 993.608.722 shares collected during the entire period, which began on July 20. Almost two out of three actions, among those tendered for the offer, were received in the last session. The total subscriptions represent 46,523% of TIM's capital and 58,230% of the shares subject to the tender offer. This is in addition to the 20,104% already held by Poste Italiane. If the data are confirmed, the stake will thus rise to approximately 1,423 billion shares, equal to 66,627% of the capital.
TIM CEO Pietro Labriola had anticipated the possibility of a final rush. "The acceleration has been in the last few days," he observed, adding, "now it's up to the market to decide and we'll see what it says." The manager, along with the rest of the management team, also had transferred his shares this week.
TIM's takeover bid for Poste Italiane: the relaunch that accompanied the comeback
Preceding the sprint was the revision of conditions announced by PosteThe group increased the cash component by 30 cents and, at the same time, eliminated the condition linked to reaching the minimum threshold. The consideration paid for each Tim share delivered therefore rose to 1,97 euros in cash, to which are added 0,218 newly issued Poste Italiane ordinary shares. This improvement is accompanied by the sharp acceleration in subscriptions in recent days.
For those who participated in the first window, payment is expected on Friday, September 18th, concurrently with the transfer of the shares to Poste Italiane. The final results will be announced by 7:29 a.m. on September 17th. At that time, the group will also clarify whether any additional conditions still pending for effectiveness have been met or whether they have been waived.
Poste Italiane's takeover bid for Tim: a second chance starting September 21st
Friday's closure only applies to first membership periodThe offer will be reopened for five trading sessions, from September 21st to 25th, allowing shareholders who have remained open to tender their shares. The financial terms will be identical to those of the improved offer. However, the payment date will change, set for October 2nd for those who participate during the reopening period.
Poste will therefore have another opportunity to increase its stake. The starting point is a large majority, while the overall outcome of the transaction will also depend on the investors' decisions in the second window.
Tim-Poste: a group with 150 employees
The operation opens a new industrial phase. Poste estimates annual synergies of 700 million euros from the merger with TIM, with the aim of strengthening investments in digitalisation and participating in European consolidation. According to the framework envisaged for the operation, the the new group will have approximately 150 employees and will have the State as its largest shareholder, with 50,1%. In the event of a full takeover, the cash outlay for Poste will be approximately 3,3 billion euros, financed through bank debt.
