two offers, kkr on one side Cdp-Macquarie on the other. And a new deadline: 18 April 2023. It will be by that date that the two contenders will have to present Tim delle improvement proposals to take over Netco, FiberCop Sparkle.
Tim: Cdp-Macquarie offer insufficient
As already happened on 24 February with Kkr, Tim's board of directors, which met under the presidency of Salvatore Rossi, judged insufficient supply presented by the duo Cdp-Macquarie, thus asking for improvements.
“The Board examined the content of the Consortium's NBO, also with the help of the analyzes and insights carried out by management with the support of the advisors.
In the light of the information received, the Board greatly appreciated the interest expressed in the aforementioned NBO of the Consortium, while considering that the same - like KKR's NBO - does not reflect the asset value and Tim's expectations”, reads the note from the led company Pietro Labriola.
The higher portion in cash (about 2-2,5 billion) compared to that of Kkr and the clause on personnel in ServCo were not enough to convince the directors of the validity of the CDP-Macquarie proposal. A position that is not surprising, taking into consideration both the previous, and substantially identical, judgment expressed on the Kkr 20 billion offer, both the utterances of Arnaud de Puyfontaine, CEO of Vivendi, Tim's largest shareholder. In fact, a few days ago, the French manager had said: “There are a lot of offers made so far lower than the real value of this fine company that is Telecom Italia”.
The Board has therefore resolved to make available to the Consortium - not exclusively - the "some specific information items and to request the further information necessary to fully understand the assumptions and economics of the NBO of the Consortium” explains Tim.
Tim: Improved offers by April 18th
The BoD has also given a mandate to CEO Labriola to "start a regulated process, sending both bidders, through their advisors, a process letter indicating the terms to which they will be given access to further specific information elements, equal for both bidders; the forms through which each of them will be able to present by the deadline of April 18 a non-binding improvement offer
