Poste Italiane: Consob gives the go-ahead for the takeover bid document for TIM

Poste Italiane announces that Consob has approved the offer document relating to the voluntary, full-scale public tender offer and exchange launched by Poste Italiane for the ordinary shares of Telecom Italia. The acceptance period will begin at 8.30 am on 20 July and end at 5.30 pm on 11 September, Poste Italiane emphasises.

On the fifth trading day following the close of the acceptance period, that is – unless Consob extends the period – 18 September 2026, Poste Italiane will pay the consideration to each TIM shareholder who has validly accepted the offer during the acceptance period.

The consideration comprises a cash component of 1.67 euros, and a share component, consisting of 0.218 newly issued ordinary shares in Poste Italiane, carrying full dividend rights and having the same characteristics as the ordinary shares in Poste Italiane already in circulation on the date of issue, and intended for listing on Euronext Milan.

Poste Italiane also notes that, should the conditions set out in the Issuers’ Regulations be met, the acceptance period may be reopened for five trading sessions, from 21 to 25 September, with settlement on 2 October. The offer document will be filed with Consob and made available to the public at the offices of the parties involved in the transaction and on the websites of Poste Italiane and the global information agent, Sodali & Co.

With momentum building in recent days, Poste’s takeover bid for TIM is set to get underway on Monday, and the telecoms group’s board of directors must approve the ‘fairness opinion’ – the assessment of financial reasonableness – drawn up with the support of Evercore, Goldman Sachs, Bonelli Erede and Gatti Pavesi Bianchi Ludovici. A preparatory meeting between the directors is therefore expected on Friday, followed by a board meeting on Saturday to approve the recommendation.