EI Towers to submit to Italian regulator its decisions on Rai Way offer within ten days
EI Towers issued the following press release on 2 April:
With reference to the press release issued last 27 March, with which the Company disclosed that last 26 March Consob, pursuant to article 102, sub-section 4, TUF, asked the offeror for supplementary information and informed it of the suspension of the terms of the preliminary investigation, the Company announces that on April 1 Consob (pursuant to art. 10 bis, Law 241, August 7, 1990 and art. 12 of the Consob General Rules on Administrative Proceedings, approved by resolution no. 18388 dated November 28, 2012), informed the Company, among other things, that:
(i) in light of the new fact represented by the official news release of the Ministry of the Economy and the Treasury no. 73 dated 28 March last, after the formalisation of the Offer and also after the clarifications provided by EI Tower with the press release dated 25 March last, the clarification by the current controlling shareholder RAI with the news release of 31 March last “of its intention not to tender its shares and, in any case, of the need to maintain a 51% stake in the share capital of Rai Way, makes it impossible at the present time for the “condition” to be satisfied of reaching the minimum threshold of 66.67%, on which the effectiveness of the Offer, to which the application to approve the Document refers, is conditional as established, amongst other things, by the Offeror. Such non feasibility also applies to any condition which has the objective of achieving a controlling stake. The non feasibility of the aforementioned “condition”, to which the entire industrial plan underpinning the extraordinary operation is connected - in consideration of the fact that to date the Offeror has not manifested its intention to eliminate and/or amend it - represents an impediment to the acceptance of the application to approve the Offer Document.”
(ii) EI Towers has the right to present written comments, accompanied where necessary by documents, within the term of ten days;
(iii) the terms for the conclusion of the proceeding, previously suspended last 26 March, are interrupted and will restart on the date of presentation of the comments or, if they are not presented, from the expiry of the term of ten days provided for their presentation.
EI Towers will submit to Consob, within the above-mentioned term of ten days, its comments and decisions, taking into due account the new facts occurred after the promotion of the Offer.