Telecom Italia SpA said KKR & Co.'s binding offer for its fixed line grid doesn't fully reflect the asset value and the company's expectations after having examined it.
"The board highly appreciated the interest expressed," the Italian telecommunications company said. "The board has resolved to make available to KKR, on a non-exclusive basis, certain specific information and to request the further indications necessary to fully understand the assumptions and economics of the proposal."
The objective is to receive an improved offer by March 31, Telecom Italia said.
KKR submitted the offer on Feb. 1 for the purchase of a stake in a company to be set up and known as NetCo, which would comprise FiberCop's assets and activities as well as a stake in Sparkle.