Poste Italiane relaunches the takeover bid for Tim: increases the cash consideration and eliminates the 66.7% threshold

A few days after the closing, with subscriptions stuck at 6.15%, Poste Italiane moves on two fronts to bring home the takeover bid for Tim: it relaunches the consideration with 30 cents more in cash, bringing the cash component to 1.97 euros, and renounces the threshold condition of 66.7%, committing to purchase the shares contributed even below that level. The entry period closes at 5.30pm on Friday 11 September

Poste Italiane is moving on two fronts to prevent the takeover bid for Tim from running aground. A few days after the end of the acceptance period, with contributions remaining at 6.15%, the group led by Matteo Del Fante decided to increase the cash component of the offer by 30 cents, bringing it to 1.97 euros for each share, and waived the threshold condition that bound the operation to reaching at least 66.7% of the capital. Two moves that arrive on the same day in which Tim's CEO, Pietro Labriola, and top management contributed their shares to the offer.

Goodbye to the 66.7% threshold

With a note, Poste communicated the waiver of the threshold condition. The group, we read, "will purchase all the shares subject to the offer tendered even if it is a quantity lower than 66.67% of the voting rights exercisable in the Issuer's meetings". In practice, the operation is no longer tied to exceeding that level: Poste undertakes to take over the shares transferred regardless of the total number of subscriptions. The company, which already controls around 20% of Tim, had so far linked the effectiveness of the takeover bid to the achievement of that majority. The membership period will end at 5.30pm on Friday 11 September.

The relaunch and the final compensation

On the other front, the increase in the cash portion. The board of directors of the bidder reiterates the strategic and industrial relevance of the operation and underlines that the benefits for Poste's shareholders remain substantially unchanged despite the higher consideration, with a positive impact on earnings per share starting from 2027 and expected in double digits in 2028. Poste specifies that this is the final price: there will be no further adjustments.

How much is the offer worth

Based on the official price of Poste shares as of 4 September, equal to 26.90 euros, the increased consideration expresses an implicit value of 7.83 euros for each Tim share. In the event of full participation, the overall value of the operation would be close to 11.3 billion euros, of which just over 3.3 billion as the cash component. The dividend policy for 2026 and the commitment to increasing remuneration from 2027 have also been confirmed: those who join will receive the advance on the 2026 Poste dividend, payable on 25 November.

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The adhesion of Labriola and the management

On the same day, Tim announced that Labriola and the managers with strategic responsibilities tendered the shares they held last week, with details expected in internal dealing communications. The board of directors of the telephone group judged the consideration to be adequate on a financial level, positively evaluating its industrial rationale. Just over a month ago Labriola himself had defined the operation not "just a financial operation", but "a long-term industrial project", hailing the entry of Poste as "important for our company and for the country system".

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The crux for small shareholders

For small savers, the choice whether to join involves a story that has dragged on for decades. The Tim stock, just under eight euros and recovering from the lows below two euros reached in 2023, remains very far from the over 20 euros of about twenty years ago and the values ​​of the early 2000s: a loss that has been borne by thousands of families. By joining, you join a larger group but you effectively give up the potential upside linked to a reorganization or consolidation in European telecommunications.