By Adria Calatayud

Telecom Italia said nonbinding offers it has received for its fixed-network assets from KKR and from a consortium formed by Cassa Depositi e Prestiti and Macquarie Group aren't yet adequate.

The Italian telecommunications company said late Thursday that at least one of the bidders expressed willingness to improve its offer and that TIM's board gave it until June 9 to submit a final offer. TIM didn't specify which suitor, and it didn't disclose the terms of the offers.

TIM last month said it had received revised offers from the two suitors, after initial bids submitted earlier this year were deemed insufficient.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

May 05, 2023 01:31 ET (05:31 GMT)

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