The ultimate goal is to accelerate the process of confrontation 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 ‘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 to, or accelerate a decision on Kkr. The American fund does not intend to carry out operations that can be perceived as hostile either by the company or by the government, as emerged in recent days with the official indication that there is no deadline in the proposal made to the board but if the Board rejected the proposal the the last word would be up to the market.
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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 offer is close. However, it is not the only arrow that Tim has at his disposal, it emerges that there are also other plans on the board of the board. The Board of Directors and the ad-hoc Committee are aligned on the way to proceed with the US fund and undertake to do so “in a timely and exhaustive manner”.
A detailed evaluation 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 in progress: “This process is complex and will require time that cannot be quantified at the moment”, specifies the Board of Directors in a note.
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