Telecom Italia's (TIM) board of directors has approved Poste Italiane's proposed takeover of the telecoms giant.
The carrier noted over the weekend that the company's board had deemed the offer put forward by Italy's state-controlled postal service, Poste Italiane, as fair.
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If the offer is accepted by shareholders, a takeover could value Telecom Italia at €13 billion ($14.8bn) based on Poste's closing share price last week, up from the initial €10.8bn ($12.3bn) offer that was submitted in March.
TIM's board has voted in favor of Poste's offer of €1.67 in cash and 0.218 newly issued Poste ordinary shares for each Telecom Italia ordinary share.
