• Tue. Dec 7th, 2021

Tim, Gubitosi ready to step back

Byeditorial

Nov 25, 2021

To facilitate the evaluation of the Kkr offer, Tim’s CEO Luigi Gubitosi says he is ready to make “the proxies available to the Board of Directors”. “If this step”, he writes in a letter, sent to the directors on the eve of the board and that Adnkronos was able to consult, will allow a more serene and rapid evaluation of Kkr’s non-binding offer, I will be happy that it has happened ” . “I cannot be silent about the amazement generated by some positions taken; I allow myself, therefore, to summarize my thoughts “.” The indication of interest sent on Friday 19 November by Kkr concerns the launch of a public tender offer for both ordinary and savings shares. It is therefore obvious that the parties that could be affected are all the shareholders of our company. The recipient of any offer, therefore, – continues the CEO – is not the company but the shareholders who will decide independently how to behave. In this case, the Board of Directors must strictly abide by the rules, since it does not have an active role but must ensure transparency and correct information to the market. In particular, pursuant to current legislation, should the Offer be formalized, the Board of Directors must with total transparency allow the shareholders to evaluate the convenience of the Offer and the fairness of the price offered “. Gubitosi also addresses the independent directors:” They a fundamental role since the Board, in due course, will have to issue a press release on the basis of the work of the independent directors which will contain an assessment of the effects that any success of the Offer may have on the interests of the company, on the occasion of the CEO Gubitosi recalls what happened on November 21 last in the council. “The idea, aired by some directors not to include the price in the press release or not to specify the conditions set by Kkr, or even the question about the advisability of issuing a press release, demonstrate the total lack of respect for the market that it can’t belong to Tim’s culture. ” “The same discussion among the last points on the agenda of tomorrow’s Board of Directors can give a sense of low priority.” ordinary shares and savings shares. It is therefore obvious that the subjects who could be interested in them are all the shareholders of our company. The recipient of any offer, therefore, is not the company but the shareholders who will decide independently how to behave “.” In this case, the Board of Directors must strictly abide by the rules, since it does not have an active role but must ensure transparency and correct information to the market. In particular, in accordance with current legislation, if the Offer is formalized , the Board of Directors will have to allow shareholders with total transparency to evaluate the convenience of the Offer and the fairness of the price offered “, writes again. In other words, the Board of Directors ve act in the interest of all shareholders and to protect the market. “For this reason, dilatory attitudes on the part of the Board, which can be interpreted as aimed at defending the interests of certain shareholders, are to be avoided and would be such as to generate significant responsibilities on the organs of the Company “, the CEO emphasizes.” The not too veiled accusations that have been made to me in relation to my alleged proximity to Kkr, in addition to being totally out of place and false as I have repeatedly pointed out, must not be used instrumentally to slow down the process of examining the indication of interest, an attempt from which I disassociate myself clearly “.” Our duty is to protect the interests of all our stakeholders, in particular the market, not to privilege individual positions and to act in strict compliance with the rules quickly to protect the stability of our company “. Regarding the non binding offe r of Kkr, he concludes, “it is urgent to appoint financial advisors and approve the immediate granting of a reasonable period of time to carry out limited due diligence on documents and information acceptable to the Board. Technically, we could be ready for a data room in 48/72 hours. “

One thought on “Tim, Gubitosi ready to step back”
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