Tim has chosen the advisors who will assist her in evaluating the offer of the American fund KKR which, if certain conditions are met, could soon turn into a friendly takeover bid on 100% of the shares of the Italian telephone company. They are the large American investment bank Goldman Sachs and the US bootique LionTree, which specializes in telecommunications operations.
This was established by the Tim Committee chaired by Salvatore Rossi who asked the two financial advisors to assist him in order to "allow the BoD to fully assess the scope, content, conditions and consequences of the Non-Binding Indicative Statement (of KKR), as well as mature and assume, in an adequately informed manner, the decisions in relation to the same as far as it is responsible".
In addition to the two financial advisors, the Tim Committee has also chosen a legal advisor in Studio Gatti, Pavesi, Bianchi and Ludovici.
"The advisors - specifies a detailed note issued yesterday evening by Tim - will support Tim's Board of Directors in the analyzes and assessments of the Non-Binding Indicative Statement (of KKR) with reference, among others, to its financial sustainability". the business plan and any implementation uncertainties or risks. The advisors will also have to help Tim evaluate the ownership, employment, managerial and governance effects of the transactions under discussion.
It is a step forward in the complex game that could lead to KKR's takeover bid, if certain conditions mature, but the takeover bid has not yet taken off because now we need KKR's due diligence and assessments by the Government as well as by Tim himself. Everything suggests that, if there are no unforeseen events, the takeover bid could be reached in the first months of 2022 but Tim leaves other doors open and in fact warns that the advisors will also have to assist him in analyzing "possible strategic alternatives for the best valorisation and /o development of the group and its assets in the interest of the Company, its shareholders and stakeholders”. The reference is to the single network projects and the talks between Vivendi and Cdp which may or may not be part of the takeover bid, if the takeover bid - for one reason or another - does not take off.
