Tim: on the final day of the takeover bid, acceptance stood at 46.5 per cent, with Poste holding a 66.6 per cent stake
There will be a further five days to complete the process, with the deadline being extended as provided for in the event of a waiver of the minimum participation threshold – equivalent to 66.67 per cent of the share capital – as decided last Monday by the company’s management
Acceptances of the public takeover bid launched by Poste Italiane for 100 per cent of Telecom Italia rose to 46.5 per cent of the share capital on the final day of the offer. Poste Italiane’s total stake in TIM therefore rises to 66.6 per cent. On the final day of the offer, Poste Italiane’s stake essentially reached the 66.7 per cent threshold that it had envisaged when the takeover bid was launched, but which it subsequently removed when it relaunched the bid with a cash component of 30 centesimi.
The takeover bid is scheduled to reopen from 21 to 25 September. Today, TIM’s chief executive, Pietro Labriola, speaking at an event at Luiss BS, also pointed out that in takeover bids, the bulk of acceptances tend to come in the final stages.
Yesterday, Poste provided the figures for the number of participants at the close of the offer and explained that the final figures for this phase will be announced on 17 September, whilst payment will be made on 18 September to those who have so far handed in their TIM shares. Payment for subscriptions made during the reopening period between 21 and 25 September will be made on 2 October.
