MILAN: Telecom Italia CEO Luigi Gubitosi has told his board that he is ready to step aside if it will help decide on the approach to a takeover by US private equity group KKR, sources told Reuters on Thursday. .
KKR has offered 10.8 billion euros ($12 billion) in the middle of a boardroom row between Gubitosi and former Italian telecommunications monopoly top investor Vivendi.
In a letter sent to the board on Thursday, Gubitosi said it was time to act, appoint consultants and decide on KKR’s offer, sources told Reuters, confirming an earlier report by Italian news agency Ansa.
“The time-wasting attitude by the board can be understood as aimed at protecting the interests of certain shareholders,” Gubitosi said in the letter.
“Technically we can be ready for a data room in 48-72 hours,” he said in the letter, adding that the practice of giving a suitor and his advisors access to a company’s books to perform due diligence during a potential bid. Referring to.
French media conglomerate Vivendi is pushing for a turnaround at the helm of Italy’s biggest telecommunications company.
Gubitosi’s remarks came as auditors and the risk committee at TIM scrutinized the group’s financial health after two profit warnings from July, which have strengthened Vivendi’s hand in seeking change at the top.
Vivendi declined to comment.
($1 = 0.8913 Euro)
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