Business

KKR says no deadline set to start TIM’s bid appraisal

FILE PHOTO: Telecom Italia's new logo for the TIM brand is seen on a building in Rome
FILE PHOTO: Telecom Italia’s new logo for the TIM brand is seen on a building in Rome, Italy, April 9, 2016.REUTERS / Alessandro Bianchi / File Photo

December 14, 2021

MILAN (Reuters) – The US fund KKR said on Monday that it expected to be able to make a decision on how to take over Telecom Italia (TIM) after only a due diligence process but it did not set a date. deadline to start the analysis.

Market regulator Consob asked for clarification on whether it would continue to offer if TIM’s board does not take a stance on that, KKR said the board’s review would have no effect to tender time.

TIM, which lost its fourth executive in six years a week after KKR submitted its proposal on November 19, has yet to grant KKR access to its books.

Corriere della Sera reported on Tuesday that TIM’s board is unlikely to allow KKR to begin appraisal analysis when it meets on Friday to discuss the bid.

Former TIM CEO Luigi Gubitosi urged the board to set up a data room for KKR, which he said could be ready in 48 hours, before relinquishing his role as chief executive.

“KKR’s approach is friendly and KKR intends to engage as soon as possible with TIM’s board of directors to win their support for the bid,” KKR said in a note.

The US Foundation made its offer subject to the support of TIM and the Italian government.

(Reported by Elvira Pollina; written by Valentina Za; edited by Agnieszka Flak)

https://www.oann.com/kkr-says-no-set-deadline-to-start-due-diligence-on-tims-bid/?utm_source=rss&utm_medium=rss&utm_campaign=kkr-says-no-set-deadline-to-start-due-diligence-on-tims-bid KKR says no deadline set to start TIM’s bid appraisal

Bobby Allyn

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