OPA on Tim: Poste increases the cash portion of its offer by €0.30 to a total of €1.97
Plus 0.218 ordinary shares in Poste. The resolution passed by the Poste board of directors, which met today
Poste Italiane raises the price of its takeover bid for Telecom Italia. Poste’s board of directors, meeting today, resolved to increase the offer price by providing an additional cash component of €0.30 for each TIM share tendered under the offer (additional cash component).
Consequently, upon completion of the offer, for each TIM share tendered, the consideration will be increased by the additional cash component and will consist in total of: 0.218 newly issued Poste ordinary shares; and the cash component already set out in the offer document, amounting to 1.67 euros, increased by the additional cash component of 0.30 euros, and therefore totalling 1.97 per share (together with the share component).
The Board of Directors reaffirms the company’s strategic importance and confirms its dividend policy
By increasing the offer price, the offeror’s board of directors intends to reaffirm 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 expected in 2028.
Poste’s dividend policy for the 2026 financial year on a stand-alone basis is also confirmed, as is its commitment to a growth-oriented dividend policy from 2027 onwards. TIM shareholders who accept the offer will receive the interim dividend from Poste for the 2026 financial year, which will be paid on 25 November 20262. The offeror specifies that the increased per-share consideration represents the final consideration under the offer and that no further increases to this amount will be made.
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 consideration represents an monetary valuation 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% from the reference date, the increased consideration represents an implied monetary valuation of €7.83 per TIM share.
