(Finance) – The fund manager Kairos wrote a letter to the board of directors Of TIM to ask that the board express itself as soon as possible on theopening of the Data Room requested by the US fund KKRwhich in November had presented a non-binding expression of interest at an indicative price of 0.505 euros per share, immediately affirming that it wanted to proceed amicably, with the approval of the Board of Directors and the relevant institutional subjects, and requested the company to access to a limited four-week confirmatory due diligence.
“Despite this, after more than three months from the presentation of the proposal, we do not know that any response has been received from the board of directors”, underlines the letter dated 9 March 2022 and signed by Guido Maria Brera, according to which “this a priori closing attitude with respect to facilitating the submission of a binding offer in fact precludes an option for shareholderswhich regardless of the decision to join or not would have offered a valuation floor “.
The Chief Investment Officer of the Kairos group expresses “deep bewilderment and concern for attitudes held and decisions adopted by the administrative body of the company in recent months “, also criticizing the plan presented in recent weeks. According to Brera it is” largely inertial and has not clarified the elements that would have allowed the market a correct assessment of the levers of value creation “and also,” while providing for the carve out of the infrastructural part, did not clarify the elementsalso linked to regulatory dynamics, of the stabilization and growth force of the relative EBITDA “.
Kairos specified that the letter was sent exclusively on behalf of its directly managed funds and that the group, a long-time investor in the Italian market, has always encouraged the best practices of corporate governance.