kkr asks one extension for the 'offer on the network e Tim he says yes. The Board of Directors met yesterday, Wednesday 27 September, unanimously deciding to grant the American fund a postponement to 15 October requested by Kkr, originally set for September 30, of the exclusivity period for the presentation of the binding offer on NetCo. Tim shares closed yesterday's session on Piazza Affari down by 1,44%, to 0,3021.
The knots to untie
The postponement was requested in order to allow the consortium - made up of Mef and F2i - to complete the project due diligence, i.e. that set of activities carried out by the investor, to arrive at an evaluation of the company which also includes the risks of a possible failure of the operation and its potential.
In detail, the Treasury - ready to invest up to 2,2 billion in the operation to take over up to 20% of Netco - is awaiting the opinions of the Court of Auditors and Agcm, and in parallel is working on estimating the value of Sparkle, the international cable company that it could take over entirely.
During the Board of Directors, as far as we know, the legal opinions, including that of the lawyers Giuseppe Portale and Gaetano Marchetti and that of the lawyer Andrea Zoppini, who argue that the board could decide to sell the network without having to go through the preliminary green light of a meeting, contrary to what Vivendi believed, first shareholder with 23,75% of the telco. However, as expected, no decision has been made. On the other hand, last August, on the occasion of the presentation of the accounts to the analysts, the CEO Pietro Labriola, on the topic ofextraordinary assembly, he replied: “When we have the offer on the table we will make all the evaluations. We certainly have different scenarios with different possible outcomes of the final binding offer. Today it is premature because we need to have the final offer for these evaluations." In the case of an extraordinary meeting, the French giant would probably have a blocking minority. Meanwhile, according to the latest rumors, Vivendi representatives are expected to meet with the government by the first week of October.
