OPA on Tim: acceptance rate at 46.5 per cent; Poste Italiane’s stake reaches 66.6 per cent
There will be a further five days to complete the process, with the deadline being extended as provided for in the event of the waiver of the minimum participation threshold – equal to 66.67 per cent of the share capital – 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 has therefore risen 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 offer with a cash component of 30 cents.
The takeover bid is due to reopen from 21 to 25 September. Today, TIM’s Chief Executive, Pietro Labriola, also noted during an event at Luiss BS that the bulk of acceptances in takeover bids 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 acceptances made during the reopening period between 21 and 25 September will be made on 2 October.
