March 5, 2018 / 12:24 PM / a year ago

Italy's GEDI rejects offer for its stake in Telecom Italia unit Persidera

MILAN (Reuters) - Italian publisher GEDI (GEDI.MI) said on Monday it had received a binding bid for its 30 percent stake in broadcasting company Persidera but judged it insufficient.

“The offer was not considered to be in line with expectations and was thus rejected,” GEDI said in a statement.

It said contacts were under way with other investors.

Last month Telecom Italia (TLIT.MI), which owns the remaining 70 percent of Persidera, voted in favor of the only official offer for its stake, from fund F2i and tower group Rai Way (RWAY.MI), but left the door open to other binding bids.

Telecom Italia, whose largest shareholder is France’s Vivendi (VIV.PA), has transferred its stake into a blind trust to respect a timeline agreed with EU authorities.

Reporting by Stephen Jewkes; editing by Francesca Landini

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