© Reuters. FILE PHOTO: The Tim emblem is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/File Photo
By Elvira Pollina and Agnieszka Flak
MILAN (Reuters) -Telecom Italia CEO Luigi Gubitosi has advised its board that he’s ready to step aside if that might assist speed up a decision on a takeover method by U.S. non-public fairness group KKR, sources advised Reuters on Thursday.
KKR has made a ten.8 billion euro ($12 billion) offer within the midst of a boardroom row between Gubitosi and the previous Italian telecoms monopoly’s prime investor Vivendi (OTC:).
Gubitosi stated in a letter despatched to the board on Thursday that it was time to take motion, appoint advisers and make a decision on KKR’s offer, the sources advised Reuters, confirming an earlier report by Italian information company Ansa.
“Time-wasting attitudes by the board that could be interpreted as aimed at defending the interests of certain shareholders are to be avoided,” Gubitosi stated within the letter.
“Technically we could be ready for a data room in 48-72 hours,” he stated within the letter, referring to the apply of giving a suitor and its advisers entry to an organization’s books to conduct due diligence throughout a possible bid.
French media group Vivendi has been pushing for a change on the helm of Italy’s greatest telecoms firm.
Gubitosi’s feedback got here as auditors and the danger committee at TIM examined the group’s monetary well being after two revenue warnings since July which have strengthened Vivendi’s hand in demanding a change on the helm.
Vivendi declined to remark.
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