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Tim: Gubitosi goes out but Kkr game is still long

2021-12-17T22:28:58.713Z


Commitment to timely decision but complex plan review (ANSA) It is once again Luigi Gubitosi who makes the first move that triggers the Tim domino. The manager has resigned from the board of directors, the last of 2021, a marathon of over 6 hours: he leaves the board of directors and the group and thus frees up a place to co-opt Pietro Labriola, already appointed general manager. The ultimate goal is to accelerate the confrontation process with Kkr, which i


It is once again Luigi Gubitosi who makes the first move that triggers the Tim domino. The manager has resigned from the board of directors, the last of 2021, a marathon of over 6 hours: he leaves the board of directors and the group and thus frees up a place to co-opt Pietro Labriola, already appointed general manager. The ultimate goal is to accelerate the confrontation process with Kkr, which is ready to put almost 40 billion on the table, between about 10 of the purchase offer and 30 for subsequent network development investments over the next 10/15 years, but for now the data room will not be open and also for the appointment of Labriola as CEO we will have to wait for the next board of directors, which cannot be ruled out shortly. Gubitosi, who no longer had the trust of the first shareholder Vivendi, leaves without a 'maxi'good exits but with a payment of 6.9 million euros, driven by the same motivation that had led him to renounce the proxies from ad, or to accelerate a decision on Kkr. The American fund does not intend to carry out operations that can be perceived as hostile neither by the company nor by the Government, as emerged in recent days with the official indication that there is no deadline in the proposal sent to the board but if the Board rejected the proposal the the last word would be up to the market. The advisors are at work, Goldman Sachs and Lion Tree for Tim and Jp Morgan and Morgan Stanley for Kkr but it is likely that the opening of the dataroom will take place as a last step, when the execution of the takeover bid is near. However, it is not the only arrow that Tim has available, it emerges that on the board of directors there are also other plans.The board of directors and the ad-hoc committee are aligned on how to proceed with the US fund and undertake to do so "in a timely and exhaustive manner". A detailed assessment of the expression of interest is currently underway and a comparative analysis of the same with respect to strategic alternatives and future prospects of the company, aimed at deciding, among other things, whether to give access to the due diligence requested by Kkr ". All of this is linked to the review of the plan underway: "This process is complex and will require times that cannot be quantified at the moment" the board of directors specified in a note. Tim has updated its 2021 forecast for the third time in recent months with a revision that analysts have judged "extremely aggressive on the numbers of the fourth quarter for the domestic business ", pushed by the pressure of the competition in the fixed sector and by the contribution of football, with the DAZN agreement, below expectations.

Source: ansa

All life articles on 2021-12-17

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