KKR Offers $12B for Telecom Italia
November 22, 2021
TIM’s Board of Directors met today under the chairmanship of
Salvatore Rossi, and acknowledged the intention of Kohlberg
Kravis Roberts to date qualified as “non-binding and
indicative”, to launch a possible public tender offer for
the entire share capital of the Company (both ordinary and
savings shares), aimed at the delisting of the Company.
Indication of Interest, which is non-binding – as specified
above – and based on publicly available information, would
be conditional upon a minimum level of acceptance of 51% for
both classes of shares.
The Indication of Interest was qualified by KKR as
“friendly” and aims at obtaining approval by TIM’s directors
and support by the Company’s management. For the time being,
it is conditional – among others – to an estimated four-week
confirmatory due diligence, as well as clearance by key
government stakeholders (TIM is subject to the Government’s
special powers, so called Golden Power).
The Indication of Interest foresees a price (to be
considered, for the time being, indicative only as well as
non-binding), to be paid fully in cash, equal to Euro 0.505
per ordinary and/or savings share.
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