It will not be a simple meeting that of board of directorstoday's Tim traction. Not only for the examination of the items on the agenda - ranging from the accounts to the expression of interest of the American fund KKR and governance - but because the knots are coming home to roost and the letter that CEO Luigi Gubitosi sent yesterday to the councilors it is testimony of this.
Start exam or notpreliminary offer from KKR on 100% of Tim's shares and whether or not to confirm Gubitosi in his role as leader of the group? These are the crucial questions that the Board must give an answer to. In relation to this, Gubitosi anticipated this by saying he was ready to hand over his powers as CEO and General Manager to "promote the decision-making process and a more serene evaluation of KKR's non-binding offer". However, Gubitosi does not hide his criticisms of Vivendi's directors and those who think like them and writes: “The idea of some directors not to include the price or conditions of KKR in the (last) press release or even the question on the opportunities to issue it demonstrate the total lack of respect for the market”.
Gubitosi's appeal to the board is to “act in the interests of all shareholders a market protection, and also of the minority shareholders and all the stakeholders, given that it does not have an active role but must ensure transparency and correct information to the market. In particular, if KKR's offer is formalised, the Board of Directors will have to allow the shareholders to evaluate the convenience and fairness of the price”. Gubitosi then denies acting on the basis of an "alleged closeness to KKR" defining the allegations in this regard "totally inappropriate and false".
Now the word passes to the Board of Directors.
