Telecom Italia shares fall as Poste misses 90% threshold to delist stock

Investing.com -- Telecom Italia shares fell on Monday after Poste Italiane's tender offer closed with the group holding 85.82% of the company, short of the 90% needed to delist the stock.

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Poste said that the reopening period of its offer had ended. Based on provisional results, about 65.718% of TIM's share capital has been tendered in total, including acceptances during the initial acceptance period and the reopening.

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Poste will hold 1.833 billion TIM shares, comprising 993.6 million shares tendered during the initial acceptance period, 430.4 million shares it already owned and 410.0 million shares tendered during the reopening period.

The 410 million shares tendered during the reopening represent about 19.2% of TIM's share capital and 24% of the shares subject to the offer. Poste said it did not acquire TIM shares outside the offer between the publication of the offer document and Sept. 25.

For each TIM share tendered during the reopening, shareholders will receive 0.218 newly issued Poste ordinary shares and €1.97 in cash. Settlement is due on Oct. 2.

Poste amended the offer on Sept. 7 by adding €0.30 in cash per TIM share and removing the minimum acceptance threshold.

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Original Article

Telecom Italia shares fall as Poste misses 90% threshold to delist stock

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