Poste Italiane has relaunched its public purchase and exchange offer (Opas) on Telecom Italia, raising the cash portion by 0.30 euros per share and waiving the minimum acceptance threshold of 66.67%. The two moves were announced a few days before the deadline, set for 5.30pm on September 11th and the deadlines are expected to reopen. Those who own Tim shares now have a higher consideration and a redefined calendar to keep an eye on.
What is the takeover bid and how does the consideration work
A takeover bid is an offer with which a company proposes to the shareholders of another company to sell their shares in exchange for money or shares of the offeror.
In the Poste-Tim case the payment is mixed. For each Tim share tendered, the shareholder receives a portion in cash plus a portion in newly issued Poste shares.
The offer concerns up to 1,706,361,829 Tim shares, approximately 80% of the capital. The remaining part is already in the hands of the Post Office.
How much is the offer worth now
The relaunch decided by the Board of Directors of Poste and communicated on 7 September only affects the cash component.
The cash component
The cash portion rises from 1.67 to 1.97 euros per share, thanks to the additional component of 0.30 euros.
The increase is available to all members, including those who had already delivered the shares with the old membership card. They don’t have to redo anything and will collect the increased amount.
The share component
The share exchange remains unchanged: 0.218 newly issued Poste shares for each Tim share contributed. On this front, nothing changes compared to the initial conditions.
The implicit value and the premium
By adding the two parts and using the official Poste price of 20 March 2026 (the reference date of the offer), the consideration expresses a value of 6.65 euros per Tim share, with an implicit premium of 14.16% on the Tim price on the same date. At the most recent Poste prices, those of 4 September, the value rises to 7.83 euros.
In the event of full membership, the overall value of the operation is close to 11.3 billion euros.
| Item of consideration | Initial offer | Offer relaunched |
|---|---|---|
| Cash per share | 1.67 euros | 1.97 euros |
| Shares Posted for Tim share | 0.218 | 0.218 |
Poste has specified that this is the final payment and that there will be no further raises.
The waiver of the 66.67% threshold
The threshold condition was the restriction that made the offer valid only if Poste had collected acceptances equal to at least 66.67% of the voting rights, i.e. the qualified majority of the TIM assemblies.
With the press release of 7 September, Poste renounces this threshold: it will buy all the shares tendered even if the total is lower than that percentage.
However, the other conditions for the effectiveness of the offer remain in place. As a result of the waiver, the membership period is reopened.
Deadlines for Tim shareholders
The calendar for Tim shareholders is therefore being redefined, with two distinct rounds:
- for the first registration the period closes on Friday 11 September at 5.30pm;
- the reopening of the deadlines takes place in the window between 21 and 25 September.
In the first case, the provisional results will be announced on September 14th, the definitive ones on the 17th and payment will take place on the 18th.
Reopening is an obligatory step. By waiving the threshold condition, Poste is required to reopen the offer for 5 trading days after payment, so as to give those who were left out a second chance. Those who participate will also receive the advance on the 2026 Poste dividend, payable on 25 November.
