By Ed Frankl

 

Telecom Italia SpA said Thursday that it wouldn't give access to due diligence to private-equity firm KKR & Co., which made a 10.8 billion-euro bid ($11.77 billion) to take over the company.

The Italian telecoms operator said KKR sent a letter on Monday, indicating its inability to confirm its preliminary, nonbinding offer made in November without access to due diligence.

Shares fell on media reports of the letter at the time, with the heightened possibility that KKR would drop its offer.

TIM said Thursday that it wouldn't be appropriate to grant KKR access to due diligence it asked for given that the New York-based fund didn't confirm its expression of interest in the company, including the offer price.

"Should KKR submit a deliverable, complete and attractive offer--including, amongst other things, a price per TIM share--TIM board of directors would be open to reconsidering its decision in the interest of all shareholders," the Rome-based company said.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

April 07, 2022 12:43 ET (16:43 GMT)

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