Tim towards a decision onTakeover bid by Kkr in the next board of directors, convened on Sunday 13 March 2022. The board of the telephone company, now led by CEO Pietro Labriola, will meet to give an answer to the American fund and its non-binding offer made four months ago now, at the indicative price of 50,5 euro cents per share with the aim of the delisting and then the reorganization with spin-off of the network. In practice, the Board will have to decide whether or not to start negotiations with the US fund. These are the rumors reported by the Sole24Ore. Barring last-minute counter-orders, the advisors Goldman Sachs and Lion Tree will also be present on the board, who will give their assessments on the proposal.
Even today Tim continues the rebound on the stock market that began on Monday 7 March after reaching a new historic low. In the wake of the indications on 2022 accounts and on an industrial level approved last week, the shares of the telecom group have plunged by more than 30% but today the title is staging a sharp recovery. At the end of the morning, Wednesday, it was up 7,53% to 0,27 euros.
Thus the indiscretions reported on Tuesday 8 March by Il Messaggero are also confirmed. The group's board must evaluate whether or not to ignore a proposal that would immediately enhance the stock more than the market prices it today, despite the industrial plan of CEO Pietro Labriola which aims to double the value of the US fund's offer.
Tim on Opa Kkr: is the single network still standing?
On the Kkr side, it is necessary to verify the interest of the American fund which did not make its voice heard after presenting the initial offer and which may have revised its proposal downwards in the meantime.
On the other side of the balance are the talks with the public shareholder Cassa Depositi e Prestiti – 60% controlling shareholder of Open Fiber and second of Telecom with just under 10% - to accelerate the single network project by combining Tim's assets with those of Open Fiber. A project that requires different times than those hoped for by Kkr with its offer.
The decision, it seems, should not be long in coming now. The key to decisions will also be the timing and steps for its execution with Vivendi and CDP appearing to firmly support the stand-alone plan.
