Four days after the closing of the takeover bid on Tim, Poste Italiane everything is at stake. Late on Monday evening the company announced the 30 cent raise concerning the cash component and the waiver of the minimum threshold of 66,67% of TIM's capital. This decision is intended to encourage acceptance of the offer, equal to 6,158% of the telecommunications group's capital, a percentage that adds to the 20% already held by Matteo Del Fante's company.
Poste Italiane relaunches its bid for Tim: here are the new figures.
Speaking in numbers, the board of directors of Poste has decided to increase the consideration of the offer, recognising a additional cash component equal to 30 cents for each TIM share tendered. In practice, the cash component increases from 1,67 euros to 1,97 euros, while it remains the securities component remains unchanged, with 0,218 newly issued Poste shares for one Tim share.
Based on the official price of Poste shares on 20 March 2026 (21,46 euros), the new price is equivalent to 6,65 euros per Tim share, with a implicit premium of 14,16%; based on the closing price on September 4th (26,90 euros), the valuation rises to 7,83 € per share.
In the event of full acceptance of the offer, the total implied cash consideration would be €11.345.126.354, including the increase in price, calculated based on the official price of Poste Italiane shares on the reference date. In this scenario, the maximum total cash component of the increased unit price would be €3.361.532.803. To cover the new outlay, "the offeror will resort to additional financing for a maximum amount of €512.000.000, the agreement for which has been signed with BNP Paribas," the company specifies.
Poste: "We confirm the strategic and industrial relevance of the offering."
With the increase in the consideration, the board of directors of Poste "intends to confirm thestrategic and industrial relevance of the offerThe economic and financial benefits for Poste shareholders enabled by the offer will remain substantially unchanged following the recognition of the Increased unit consideration, with a confirmed positive impact on Poste's earnings per share starting from the 2027 financial year and expected to be double-digit in 2028,” explains the group led by Matteo Del Fante in a statement.
La pro forma leverage of the new group, including the impact of the additional cash component, is expected to be 1,5 times at the end of 2026. Poste also confirms the dividend policy relating to the 2026 financial year on a stand-alone basis and the commitment to an accretive dividend policy starting in 2027. “TIM shareholders who accept the Offer will receive the interim dividend from Poste Italiane relating to the 2026 financial year, which will be paid on November 25, 2026,” the group specifies.
The offeror also specifies that the increased unit price represents the final price of the offer and that no further increases will be made. there will be no further bids.
Poste Italiane waives its 66,67% minimum stake in TIM, reopening its takeover bid from September 21st to 25th.
It doesn't end here. In addition to the cash raise, the Poste board of directors has decided to give up the minimum threshold previously foreseen for the offer on Tim "Therefore – he explains in a note – he will purchase all the shares subject to the offer brought to acceptance even if it were a amount less than 66,67% of the voting rights exercisable at the Issuer's meetings".
In the same press release, the membership period will end at 17.30 pm on Friday 11 September 2026 but, as a consequence of the renunciation, The offer will be reopened from September 21st to 25th 2026.
According to the latest updates from Borsa Italiana, the subscribers represent 6,158% of the telecommunications group's capital. Overall, considering the 20% already held by Poste Italiane, the total exceeds 26%.
