Tim, Cassa’s offer is not enough, the board of directors opens the auction to sell the network
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It will be a competitive auction to decide who Tim’s goal will go to. And the improved offers must arrive by April 18th. This morning the board of directors of the former telephone monopolist also examined the second offer – after that of Kkr – promoted by Cassa depositi e prestiti and the Macquarie fund. A proposal which, like that of the US fund, values the infrastructure, ie the domestic primary and secondary networks and Sparkle’s international cables, at approximately 18 billion euros. And the board repeats the same script used for Kkr.
«In the light of the information received – reads a note from Tim -, the board greatly appreciated the interest expressed» through the non-binding offer «although considering that the same» like that of Kkr «does not reflect the value of the asset and Tim’s expectations». On these assumptions “in accordance with what happened in the context” of the proposal of the American funds, “to favor the alignment of the conditions of the proposed operation with respect to the strategic framework relevant to Tim, the board resolved to make available” to Cdp and Macquarie , without granting the exclusive «some specific information elements and to request the further information necessary to fully understand the assumptions» and the economic values also of this second proposal.
But there’s more. To allow both Cdp-Macquarie and Kkr to “present their improved offers in a defined competitive process”, the board of directors “has given a mandate to the managing director Pietro Labriola, to start a regulated process, sending both bidders, through its advisors, a process letter”.
On the one hand, it indicates the terms to which they will be given access «to further specific information elements, the same for both bidders», on the other hand, the forms through which «each of them may submit a ‘non-binding improvement offer’.
The preliminary investigation on both offers will be carried out by the related parties committee which, given the dual role of CDP as bidder and major shareholder of Tim, had already entered the scene on the occasion of the offer of the financial arm of the Treasury.
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