Poste Italiane increases takeover bid for TIM

Poste Italiane has increased its takeover bid for TIM to make the offer more attractive to shareholders and reduce uncertainty regarding participation levels. The Board of Directors decided to raise the cash component by 0.30 euros per share, bringing the total cash offer to 1.97 euros per TIM share. This is in addition to 0.218 newly issued Poste ordinary shares for every TIM share tendered.

In a strategic move to ensure the success of the operation, Poste has also waived the previously required minimum threshold of 66.67% of voting rights. The revised offer represents a significant transaction that could exceed 11 billion euros in total value. Based on recent stock prices, the implicit valuation of the offer ranges from approximately 6.65 to 7.83 euros per TIM share.

As of early September, participation in the tender offer stood at approximately 6.16%. TIM CEO Pietro Labriola and other strategic executives have already participated in the tender. The offer period is scheduled to be reopened from September 21 to September 25, 2026.