In an extraordinary Board of Directors Tim took note of the proposal arrived by the US fund Kkr, which expressed a non-binding expression of interest to launch a 100% takeover bid (takeover bid) on the telecommunications company.
The proposal provides for a price of 0.505 euros per ordinary or savings share and the total capitalization of the group is valued at approximately 10.8 billion, or 45% more than the capitalization at the close of the stock market last Friday, when the shares were listed 0.3465 euros.
If the fund's intentions are considered "friendly", the representatives of Vivendi, the largest shareholder with 23.8%, said they were against the operation.
The government, on the other hand, assessed the interest in the company on the part of a foreign investor as "positive".
"If it were to materialize, it will be the market in the first place to evaluate the solidity of the project", said the Ministry of Economy and Finance.
A working group made up of government representatives holding the institutional skills mainly involved, as well as administrations and experts, will study the dossier, and therefore Daniele Franco himself, together with the Minister of Innovation and Technological Transition Vittorio Colao and that of the Economic Development Giancarlo Giorgetti, with the undersecretary to the presidency of the council Roberto Garofoli.
Since this is a company considered strategic, the so-called "Golden Power" could come into play, a series of rules that give States special powers to intervene in the event of transactions involving the sectors of security, national defense, energy, of transport and telecommunications.
At the moment Kohlberg Kravis Roberts & Co wants to have access to Tim's data room, initiating a due diligence that could last about a month and have the "approval of the relevant institutional subjects", or make sure that the government does not exercise this power.
The surprise offer from the American fund looks like a "tail blow" to CEO Luigi Gubitosi, cornered by Vivendi in recent weeks.
