ANSA Economia42 minutes agoBusiness1 min readItalyView original

Tim: CEO Labriola and top management join Poste Italiane's takeover bid

Tim's board of directors deemed the consideration for the offer to be appropriate. Meanwhile, on the stock market, Tim and Poste stocks lost 4.3% in the last week of the operation.

tim Italian post office Pietro Labriola

Quick Look

Tim's CEO Pietro Labriola and the strategic managers have joined the takeover bid launched by Poste Italiane.
Tim's board of directors evaluated the offer positively.
On the stock market, the shares of both companies recorded a drop of 4.3% a few days after the closing.

AI-generated summary

Why It Matters

Poste Italiane has launched a takeover bid on Tim, making its effectiveness conditional on reaching 66.7% of the capital. Tim's board of directors expressed a favorable opinion on the financial adequacy of the offer.

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Tim's CEO, Pietro Labriola, and the managers with strategic responsibilities tendered the shares held in the Poste Italiane takeover bid. As already communicated to the market last July 18, we read in a note, the consideration for the offer was deemed adequate from a financial point of view by the Tim board of directors, who positively assessed its rationale and industrial prospects. Top management membership closed last week and details relating to individual transactions will be made public through internal dealing communications.

Thud on Piazza Affari for Tim and Poste in the last week of the takeover bid launched on the telephone group. The stocks both lost 4.3%, with the shares of the company led by Pietro Labriola remaining at a premium of just under 3% compared to Poste's offer.

The postal takeover bid will end on Friday, with the securities purchased on Thursday and Friday no longer able to be added to the offer. For a possible relaunch of Poste, which has currently received acceptances for just under 5.5% of the shares subject to the offer, there is time until Thursday. The state-controlled group, which already holds around 20% of Tim, has made the effectiveness of the offer conditional on obtaining at least 66.7% of Tim's capital.