Poste Italiane Acquires 66.6% of Telecom Italia’s Share Capital After Offer Period
Poste Italiane’s Takeover of Telecom Italia: Key Developments
Acquisition Details and Offer Structure
MILAN, Sept 11 (Reuters) - Poste Italiane has secured a 66.6% stake in Telecom Italia's (TIM) share capital, Reuters calculations based on stock exchange data showed on Friday, at the end of the main phase of the state-backed group's takeover offer.
Previous Stake and Offer Increase
Poste, which had previously built a 20% stake in TIM, this week increased the cash component of its offer by 18% to €1.97 per share, while confirming an exchange ratio of 0.218 newly issued Poste shares for each TIM share tendered.
Valuation of the Bid
The bid was worth around €13 billion at Friday's closing prices.
Market Response and Acceptance Rates
Buyout Offer Take-up
Borsa Italiana, the Italian bourse, said the take-up in the buyout offer for the former Italian phone monopoly reached 58.2% of shares targeted by the bid.
Waiver of Acceptance Threshold and Offer Reopening
This week Poste also waived the 66.67% acceptance threshold it had initially set as a condition for the bid to proceed. It said the offer period would reopen from September 21 to September 25.
Reporting and Editorial Credits
(Reporting by Elvira Pollina; writing by Francesca Landini, editing by Gavin Jones)
