Tim opens the tender for Netco, raises by April 18th
MILAN - The offer presented by CDP and Macquarie for Netco "does not reflect the value of the assets and the expectations of Tim", as well as that of kkr. The group explained it in a note, effectively opening the race between the two contenders. The board of directors, we read, "has mandated the Chief Executive Officer, Peter Labriola, to initiate a regulated process, by sending both bidders, through their advisors, a process letter indicating the terms under which they will be given access to further specific information elements, the same for both bidders; the forms through which each of them will be able to present a non-binding improvement offer by the deadline of 18 April".
On the agenda of Tim's board was the examination of the non-binding offer presented by the consortium formed by CdP Equity and Macquarie Infrastructure and Real Assets for the purchase of Netco, the company to be incorporated which would substantially control the management perimeter and infrastructure of the fixed network, including the assets and activities of FiberCop, as well as the stake in Sparkle.
The examination, a note specifies, was carried out "also with the help of analyzes and insights carried out by management with the support of advisors". The Board "very much appreciated the interest expressed while considering that the same - like KKR's non-binding proposal - does not reflect the value of the asset and Tim's expectations".
As for Kkr, some specific information elements will also be made available to Cdp and Macquarie and requests for further information necessary to fully understand the assumptions and economics of the proposal. Lastly, the Related Parties Committee will carry out its investigative functions in relation to both offers.