Poste raises the price of its takeover bid for TIM and waives the threshold condition
The board of directors has taken this decision, confirming the strategic value of the offer. The cash component has been increased by 30 cents to a total of 1.97 euros
Key points
- Dividend policy confirmed
- There will be no further increases
- Waiver of the threshold condition already set out in the prospectus
- Support for the proposal put forward by Labriola and TIM’s senior management
Poste Italiane, just a few days before the close of the transaction, has raised the price of its takeover bid for Telecom Italia. The board of directors has in fact resolved to increase the consideration offered by including an additional cash component of 0.30 euros for each TIM share tendered in response to the bid. Consequently, the consideration will consist of 0.218 newly issued Poste ordinary shares and a cash component – including the increased offer – totalling 1.97 per share. The offer closes on Friday 11 September. Under the regulations providing for a three-day protection period following a change to the offer, the price increase could have taken effect by the end of tomorrow. Had Poste, in deciding to increase the offer, waited until closer to the offer’s expiry date, it would have had to extend the deadline for the conclusion of the takeover bid.
Dividend policy confirmed
By increasing the offer price, the offeror’s board of directors intends to confirm the strategic and industrial significance of the offer. The economic and financial benefits for Poste shareholders eligible under the offer will remain substantially unchanged following the acceptance of the increased price per share, with a confirmed positive impact on Poste’s earnings per share from the 2027 financial year onwards, and a double-digit increase projected for 2028. Poste’s dividend policy for the 2026 financial year on a stand-alone basis is also confirmed, as is the commitment to a growth-oriented dividend policy from 2027 onwards.
There will be no further increases
Poste Italiane states that the increased unit price represents the final offer price and that there will be no further increases to it. Based on the official price of Poste shares recorded at the close of trading on 20 March 2026, amounting to 21.46 euros, the increased unit price represents an implied monetary value of €6.65 per TIM share and, therefore, incorporates an implied premium of 14.16 per cent compared with the official price of TIM shares recorded on the reference date. Furthermore, based on the official price of Poste shares recorded at the close of trading on 4 September 2026, amounting to €26.90 and increased by 25 per cent from the reference date, the increased consideration represents an implied monetary value of €7.83 per TIM share.
