Poste Italiane Raises TIM Offer
Poste Italiane has announced an increase in the consideration under its voluntary public tender and exchange offer for the ordinary shares of Telecom Italia, together with the waiver of the offer’s 66.67% threshold condition.
Key highlights include:
- Additional cash consideration of €0.30 per TIM share, increasing the cash component of the offer to €1.97 per share, alongside 0.218 newly issued Poste shares.
- The increased consideration represents an implied value of €6.65 per TIM share, based on Poste’s share price at the 20 March 2026 reference date, representing a 14.16% premium to TIM’s share price at that date.
- Poste has confirmed that the increased consideration is final, with no further increases.
- Waiver of the 66.67% threshold condition, meaning Poste will purchase the TIM shares tendered even if acceptances fall below this threshold, subject to the other conditions for the offer’s effectiveness.
- The offer will therefore be reopened from 21 to 25 September 2026, following the initial acceptance period, which ends at 5:30 p.m. on 11 September 2026.
The enhanced consideration follows an updated valuation exercise taking into account recent market data and the financial and capital positions of Poste Italiane and TIM as at 30 June 2026. Poste said the increased consideration confirms the strategic and industrial relevance of the transaction while the expected economic and financial benefits for Poste shareholders remain substantially unchanged.
The Group has also confirmed that its 2026 standalone dividend policy remains unchanged, with an accretive dividend policy from 2027.
